Black Diamond hires Octagon distressed debt expert

Todd Arden joins to source stressed and distressed deals for the $8bn US manager, and to co-manage underwriting and credit exposures.

US debt firm Black Diamond Capital Management has hired Todd Arden as senior managing director and co-chief credit officer to source distressed deals and co-manage the firm’s underwriting.

The Greenwich, Connecticut-based firm hired Arden from private equity house CCMP Capital, where he worked as chief investment officer for the group’s Octagon Credit Opportunities arm.

His move comes after insurance asset manager Conning agreed to acquire Octagon in November. That deal is expected to close in early 2016, with Conning planning to operate Octagon as a separate subsidiary.

“I am excited to have Todd join the firm and am confident that his deep experience in credit and distressed investing will be a great asset to Black Diamond. With significant opportunities and challenges presenting themselves in the market, Todd is a strong and timely addition to the Black Diamond team,” said Black Diamond’s managing principal Stephen Deckoff.

Black Diamond manages more than $8 billion of assets across four business lines: control distressed/private equity investment, hedge funds, mezzanine funds and CLOs.

Arden joined Octagon in 2012 to oversee a new distressed debt unit. During his time at the firm, Octagon more than doubled its assets under management to $12.8 billion. Previously, he was responsible for investing in multinational corporate restructurings at Angelo, Gordon & Co.