The TCW Group has hired Steven Purdy as a managing director and special situations analyst within the firm’s fixed-income credit research group. The role is new, a TCW spokesman said. Purdy will be responsible for analysing and identifying credit opportunities with companies in stressed and distressed situations. He is based at TCW’s Los Angeles headquarters and reports to Jamie Farnham, director of credit research.
“We feel it is extremely important to continue to invest in the credit team as we approach the end of the credit cycle and investment opportunities within this asset class change,” Franham said in a statement.
Purdy joins TCW from TPG Special Situations Partners (TSSP) in London, where he was a managing director responsible for sourcing and executing opportunistic credit investments in special situations. TPG runs its debt business through the TSSP platform, which has about $12 billion in assets under management. A TPG spokesman declined to comment on Purdy’s departure.
Prior to TPG, Purdy was a managing director at Goldman Sachs in both London and New York where he held various leadership roles in distressed debt.
Within the US fixed-income group, TCW has added about 10 professionals in the past six months. Other additions to the credit team since October 2015 include credit analysts Nick Nilarp, Chet Malhotra, Griffith Lee, Ryan White and Alexandre Bibi.
TCW is a US asset management firm that handles a range of products across fixed-income, equities, emerging markets and alternative investments. It manages about $185 billion in client assets. The firm also has a direct lending business in Boston. Through the MetWest Funds, TCW Funds and TCW Alternative Funds families, TCW manages one of the largest mutual fund complexes in the US.