John Brice has left his role as president and chief investment officer of CarVal Investors after spending almost two decades at the Minneapolis-based firm where he oversaw its investments and global operations.
The departure was first reported by Buyouts and confirmed by CarVal spokeswoman Ann Folkman for PDI on Wednesday. Folkman declined to comment on Brice’s (pictured) reasons for leaving and on whether he joined another firm.
Brice joined CarVal in 1998 and became a managing partner in 2005, according to an archived CarVal website. In 2008, he assumed his role as president.
Brice also served on the board of directors. Folkman said Jody Gunderson, Lucas Detor and James Ganley, all executive managing directors, have been appointed to the board and will assume the responsibilities Brice held. She added the company does not have plans to fill the vacated president or chief investment officer roles.
Gunderson, Detor and Ganley will continue to hold the “bulk of responsibilities” they have in their current roles, Folkman explained. Each will add new responsibilities as well.
Gunderson leads the loan portfolios and structured credit departments and will also oversee real estate. Detor will continue overseeing high-yield trading and hard assets and will tack on the emerging markets division. Ganley will still oversee portfolio management and now adds US and European distressed securities to his leadership duties.
Before his tenure at CarVal, Brice worked with UK-based life assurance company Friends Provident in private equity and with the asset management division. He holds a bachelor’s of science in economics and accounting from the University of Wales, Cardiff.
Brice’s departure comes just days after Robert Perry left his senior managing director position at the firm, where he led the North American real estate team. Folkman said the departures were not related.
Perry left CarVal for CBRE Global Investors, the real estate investment behemoth, where he now holds an executive managing director post. In that role he focuses on transaction origination, capital raising and programme development.
In July 2015, CarVal closed a third distressed debt fund of $3 billion from 83 institutional investors.
In November, CarVal joined Blackstone and TPG Special Situations to buy $5.8 billion worth of first-lien mortgages from GE Capital’s UK home lending business, a transaction that was part of GE’s efforts to wind down its lending business. As a result, GE Capital shed its label as a systemically important financial institution status on Wednesday, a designation that leads to extra regulation.