BlueBay Asset Management has hired a head of developed markets special situations as it prepares to launch new special situations investment strategies over the coming months.
Adam Phillips has joined BlueBay in the newly-created role, reporting into chief investment officer Mark Dowding, and will be responsible for building out the firm's capabilities within stressed and distressed credit.
He will also lead the launches of the special situations strategies, which BlueBay said will complement its existing event-driven credit strategy, and which Phillips will also be managing alongside Duncan Farley and Tim Leary.
According to BlueBay, there is an increasing opportunity to invest in stressed and distressed credit, "where the level of corporate restructurings is set to remain elevated in the wake of the Covid-19 crisis".
Prior to joining BlueBay, Phillips was head of investments at Blantyre Capital, European CIO at Marathon Asset Management and head of European high yield and distressed at Lehman Brothers.
He began his career at British and Commonwealth Merchant Bank in structured and property finance.
Dowding said: "His impressive investment skills, substantial leadership experience and track record of strong investment returns and asset raising make him a great addition to our already solid team.
"By leveraging our robust platform of analysts and strategists, he will play a significant role in helping us provide clients with new investment opportunities in a growing asset class."