Any updates on culture at the senior associate and vp levels? Seems like they have had a fair amount of turnover at the VP level and they currently only have one Principal. Is there any reason for the VP turnover? Is it simply a very difficult place to make Principal, and so the VPs that aren't on track are told so directly and they end up leaving?

 

To add onto what has already been posted, they've done exceptionally well in the distressed space. In terms of culture, it's hard to know, but there certainly has been lots of turnover in the middle ranks (a lot went to Gamut, one principal to Brightstar, etc.), and they do have significant title deflation (VPs should be Principals anywhere else, Senior Associates have to do 3+ years to make VP). They have been building out a LMM strategy as well.

 
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