JPM, Siguler Guff make senior hires to expand credit platforms

With the hires of Meg McClellan and Michael Apfel, respectively, the two firms are putting further emphasis on credit products.

JPMorgan Asset Management and Siguler Guff have each made senior hires to newly created senior positions that will have broad responsibility for the firms’ credit strategies.

New York-based JPMorgan Asset Management has hired its chief financial officer Meg McClellan as head of private credit, a role in which she will oversee its special situations, infrastructure debt and commercial mortgage loan businesses, as well as the firm’s development of new private credit products.

The firm recently closed on its first special situations vehicle, Lynstone Special Situations Fund, at $1.06 billion, beating its $750 million target. LPs in the vehicle come from the Americas, Europe, the Middle East and Asia. It will target stressed, distressed and event-driven opportunities in both public and private markets.

Before becoming the asset manager’s CFO, McClellan worked in fixed income trading, portfolio management and investment strategy roles, according to the statement announcing her hire. The platform currently has $10 billion in private credit assets under management.

“We see private credit as an essential source of income and return in investors’ portfolios and we are firmly committed to building out our capabilities to enable our clients to take full advantage of the investment opportunities that exist in private markets,” said Anton Pil, head of global alternatives at JPMorgan Asset Management.

Meanwhile, Siguler Guff has hired its own debt-product executive by bringing on former MidOcean Partners head of opportunistic credit Michael Apfel as head of credit. He will oversee special situations, distressed debt and other niche credit strategies.

The firm oversees more than $18 billion of investor commitments. Of those, it oversees $6.7 billion of investor commitments for distressed debt, trade finance opportunities and credit-related secondaries investments and small business lending. The firm is currently raising money for Small Business Credit Opportunities Fund II.

Founding partner Drew Guff said in a statement, “[Michael’s] skill set and vision are a perfect fit for our firm, as we leverage our existing platform to capitalise on attractive investment opportunities and expand into new credit-related market segments.”