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Rating:A Former Fund CEO Pioneers Alts Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 13, 2012

A Former Fund CEO Pioneers Alts

Reported by Neil Anderson, Managing Editor

A former CEO of Pioneer Investments just took over operations for an alternative investments manager. Today Advent Capital Management president and chief investment officer Tracy Maitland revealed the hiring of Osbert Hood as chief operating officer, succeeding Ed Johnson.

Hood served as chief operating officer of Pioneer from 2000 to 2003 and CEO and president from 2003 to 2006. Later he served as chairman and CEO of MacKay Shields, an institutional asset manager, before stepping down two years ago.

New York City-based Advent works with about $6 billion in hedge fund and closed-end mutual fund assets. The shop specializes in convertible, high-yield and equity strategies.

Company Press Release

Advent Capital Appoints Industry Veteran Osbert Hood as Chief Operating Officer

Enhances Management Team For One of the Largest Global Investment Firms Focused on Convertible Securities and Credit Opportunities

NEW YORK--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 Mr. Osbert Hood, former Chairman and Chief Executive Officer of MacKay Shields, will join Advent as Chief Operating Officer (COO).

Ed Johnson, Advent’s current COO, will be leaving Advent after transitioning his duties to Mr. Hood. “Throughout his time at Advent, Ed was an important resource to us as we developed and leveraged our institutional quality infrastructure and operational processes to grow the business into one of the largest global firms focused on convertible securities with an emphasis on credit and high yield debt,” said Mr. Tracy Maitland, President and Chief Investment Officer of Advent. “We wish Ed and his family the best.”

“It has been a pleasure working with Tracy and the rest of the team at Advent, but due to personal and family reasons, now is the right time for me to step back,” said Mr. Johnson. “Given the strength of our management team and the Firm’s strong momentum over the last few years, I am confident that Advent will thrive with Osbert’s successful investment and management expertise.”

Mr. Hood has over three decades of experience in the financial industry and brings an extensive background in high yield, credit products and convertible securities to Advent. As an experienced, results-oriented executive, Mr. Hood will be able to leverage his skills to service existing clients, manage the operational platform, and help drive the development of Advent’s investment strategies and business growth opportunities. His prior experience managing large diversified asset management firms makes Mr. Hood well positioned to further enhance Advent’s client relationships and market positioning.

“This significant hire is another example of Advent’s commitment to continually strengthen our senior management and best-in-class institutional platform,” said Tracy Maitland. “Osbert and I have had a professional relationship for many years, and we share a similar vision and commitment to capitalizing on Advent’s strengths to manage and grow the firm. He has deep experience in investment management and a demonstrated history of success throughout his time leading MacKay Shields and Pioneer Investments USA. Osbert’s complementary skill set will be instrumental as we continue to grow the firm and enhance our platform. I look forward to working closely with him as we focus on serving our clients.”

“I am excited to join Tracy and his talented team of professionals at one of the largest and most successful investment platforms in the world with an emphasis on convertible securities,” said Mr. Hood. “Given historically low interest rates and volatile equity markets around the globe, this is a perfect time to introduce this overlooked asset class of convertible securities to institutional and individual investors as they look to enhance returns in their fixed income portfolios or reduce risk and volatility in their equity portfolios. With actuarial assumed rates in approximately the 7 to 10% range at many pension funds, I am excited to introduce convertible securities and other credit products as a potential means to satisfy this stated investment goal. Moreover, convertible securities have historically outperformed every other domestic index, both bond and equity alike. Advent has a strong historical track record of investing in this overlooked and value added asset class and finding other attractive credit opportunities. I look forward to contributing to Advent’s continued success and growth.”

During his tenure at MacKay Shields, an international institutional asset manager, Mr. Hood oversaw the growth of assets under management from $35 billion to approximately $48 billion at the time of his departure and successfully implemented institutional processes and procedures while expanding marketing and growth opportunities. Prior to MacKay Shields, Mr. Hood served as Pioneer Investments USA’s Chief Executive Officer and President from 2003 to 2006 and Chief Operating Officer from 2000 to 2003, where he oversaw the growth from approximately $19 billion to close to $70 billion at the time of his departure. Previously, Mr. Hood held various senior management positions at John Hancock Financial Services from 1990 to 2000. Mr. Hood began his career at American Express in 1977. He received his MBA from New York University and BS from Adelphi University.

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.

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