Path to Distressed
Just getting my feet wet in this area, so forgive me if this is a simplistic question....
Looking at the major players in the distressed area, it seems like the founders of many funds started in law (Canyon, Oaktree, Aurelius, etc.), but that theme doesn't carry through to lower levels which seem to be dominated largely by people who started on the finance side.
Is this illustrative of a movement over time towards preferring those with more of a solid financial foundation?