Brigade Capital Management
What’s up with Brigade these days? I haven’t heard of them in a while. Maybe it’s cuz I’ve been in Europe the last few years but is it basically just a CLO shop now? I think in Europe that’s pretty much what it is but even in the U.S. haven’t seen them in anything
Brigade Capital Management has indeed shifted its focus significantly over the years. Based on the most helpful WSO content, their hedge fund performance has reportedly been decent, but the firm has shrunk compared to its peak in the last decade. They now have a large CLO business, estimated at $8-10 billion, and also run a long-only "opportunistic credit" strategy, which seems to be a lower-fee, broad credit-focused approach to replace their traditional hedge fund money.
In terms of structure, Brigade operates with a single research team across all products, which has its pros and cons depending on individual preferences. While some appreciate the integrated approach, others might find it limiting. Additionally, there was mention of a potential acquisition by Lazard, which could introduce conflicts of interest between Brigade's distressed strategy and Lazard's advisory work. This is something to keep in mind if considering joining the firm.
Lifestyle and pay seem to be relatively balanced, with people generally appearing content, but the firm's hedge fund prominence has undoubtedly declined, and its CLO business has become a more dominant part of its operations.
Sources: Which of the large liquid distressed managers are still good seats?, Credit Hedge Fund opportunities, CLO Asset Manager, Top firms for distressed investing. Solving for brand and deal experience more than ability to growth within the organization., Ares Capital Management - Culture, Status, Word on the Street
Shit returns and incompetent “hedge fund” analysts. Would avoid
Do they actually have hedge fund analysts is the thing or are they sector analysts mostly chucking names into the CLOs
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