NEW YORK--(BUSINESS WIRE)--Advent Capital Management, LLC (“Advent”), an investment advisor specializing in convertible, high yield and equity strategies offered through long only, hedge fund and NYSE closed-end mutual fund products, today announced that it has expanded its investment platform with four key hires in order to take advantage of attractive opportunities in the convertible bond market.
Marc J. Friezo, Andrzej Rojek and Thomas Cui join Advent from Lydian Asset Management, long recognized as one of the most prominent participants in the convertible bond market. Douglas A. D. Teresko joins Advent from Credit Suisse, where he was most recently Head of Relative Value Equity in the firm’s Global Proprietary Trading group.
Mr. Friezo joins Advent as an Associate Portfolio Manager on Advent’s Hedged Convertible Strategy. He was previously a Managing Director and Portfolio Manager at Lydian and oversaw all Risk and Investment Management functions from 2009 until September 2011, a period of strong performance for that firm. Mr. Cui, formerly a junior portfolio manager at Lydian, will support Mr. Friezo and the rest of Advent’s portfolio management team as a Portfolio Analyst.
Mr. Rojek joins Advent as Managing Director in the Marketing team. Prior to joining Advent, Mr. Rojek had primary responsibility for business strategy, client relationships and marketing at Lydian, which he co-founded. Mr. Rojek brings over 20 years of industry experience to Advent.
Mr. Teresko joins Advent as an Associate Portfolio Manager on the Firm’s long only convertible strategies. Before joining Advent, Mr. Teresko oversaw relative value and convertible bond strategies for Credit Suisse. He has over 15 years of experience as a portfolio manager and analyst.
“Through opportunistic hiring, we have further expanded one of the largest investment teams in the world focused on convertible bonds in order to take advantage of the attractive valuations in the market today, and we are pleased to welcome these experienced professionals to Advent Capital,” said Tracy Maitland, President and Chief Investment Officer. “These new hires represent Advent’s commitment to continuing the development of both the hedged and long only sides of our business: Marc and Andrzej bring strong quantitative backgrounds to our team, which will complement our fundamental research driven approach to convertible bond investing, and Doug and Thomas bring years of experience and valuable expertise to our platform.”
Commenting on the convertible bond market, Mr. Maitland continued: “Convertibles have generated stronger and more consistent returns than common stocks with less risk over time, while also outperforming broad fixed income indices. High volatility over the last few years has led investors to seek alternative investment options, and convertibles have garnered attention for their ability to provide both equity upside participation and downside protection. While the market is not back to early 2009 levels, for the first time since then convertibles look undervalued according to most valuation metrics, making this an attractive entry point for investors seeking exposure to the asset class.”
About Advent Capital Management, LLC
Advent Capital Management, LLC is a registered investment advisor dedicated to providing our clients with superior investment performance. We specialize in convertible, high yield and equity strategies offered through long only, hedge-fund and NYSE closed-end mutual fund products. Our investment team consists of seasoned professionals performing bottom-up fundamental research. Since inception in 1995, we have grown into an approximately $6 billion diversified investment management firm with the ability to capture opportunities globally. Our growing client base includes some of the world’s largest public and corporate pension plans, foundations, endowments, insurance companies and high net worth individuals.