Sockwell to leave Hayfin

Managing director Jeff Sockwell will remain an advisor to the alternative lender.

Jeff Sockwell, managing director of origination at Hayfin, is set to leave the private debt manager at the end of June though he will remain an advisor, market sources said. His departure from Hayfin comes just after the firm’s recapitalisation.

Hayfin declined to comment.

Sockwell joined London-headquartered Hayfin as its head of direct lending in late 2009 when private equity firm TowerBrook Capital Partners launched the alternative lender. More recently he has had a strategic role, PDI understands. For more than two years, Sockwell has been a managing director of origination while Hayfin’s head of origination is Andrew McCullagh.

One of Hayfin’s 15 managing directors, Sockwell like several others, joined from Goldman Sachs. During his tenure at the bank, he was head of leveraged finance business for Asia and co-head of the private finance business for the region, managing a team of 17 people and covering a spectrum of financing products from loans, bonds and mezzanine to private equity, according to Hayfin’s website. Others that joined from Goldman Sachs included Tim Flynn, Hayfin’s current chief executive officer.

Owners of Hayfin, TowerBrook along with Canadian pension fund schemes Public Sector Pension Investment Board and Ontario Municipal Employees Retirement System (OMERS) and Australia’s Sovereign Wealth Fund The Future Fund, all agreed on reducing their stakes in Hayfin through a recapitalisation of the business, as previously reported by PDI.

Hayfin’s management and team have subsequently increased their stakes. The transaction was facilitated through the sale of €705 million in assets to The Future Fund. Hayfin will continue to manage the assets but will become a manager of thirdparty assets solely post deal completion. The transaction was agreed after a sale of Hayfin was dropped by its owners late last year, owing to its complexity.