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Lighthouse Group, the $15.7bn manager, has brought in Faisal Syed and his investing team to lead a new global credit convexity-focused business, previously part of Fir Tree Capital Management.
The transaction, which closed in August, sees the Pamli Global Credit Convexity business become a wholly owned subsidiary of Lighthouse, named LH Pamli Partners. Syed is CIO and CEO.
“We have known Faisal for many years and respect his long track record in managing convexity-based investment strategies, especially through periods of extreme volatility,” said Ben Browning, president of Lighthouse.
“Market conditions have made these strategies compelling and highly relevant. We are excited to partner with Faisal, whose approach aligns seamlessly with Lighthouse’s philosophy of working with sophisticated investors on a solutions-driven basis,” said Ben Browning, president of Lighthouse.
“This addition broadens our platform capabilities and provides our investors with enhanced tools to overlay and diversify risk, deepen engagement, and we believe it further supports and elevates our role from manager to trusted advisor.”
Syed added: “By combining Lighthouse’s institutional global platform and infrastructure with the Pamli strategy, we believe we can deliver differentiated investment strategies and solutions not broadly available at scale.”
Before Fir Tree, which announced it was returning external capital in February, Syed led the Pamli Credit Strategies Group at Ionic Capital Management and also worked at Highbridge Capital Management, where he launched the global credit convexity strategy.
Lighthouse is headquartered in Palm Beach Gardens, Florida with additional offices in Chicago, Dubai, Hong Kong, London, New York and Singapore.