Angelo Gordon & Co. LP, a $73 billion alternative investment firm focused on credit and real estate investing, has made several senior personnel moves looking to bolster the firm’s structured credit business, which come on the heels of the firm’s recent close of its $1 billion asset-based fund. 

Marc Lessner and Xavier Dailly, both managing directors, have been appointed co-deputy portfolio managers of the firm’s open-ended structured credit fund. Angelo Gordon’s head of structured credit, T.J. Durkin, and Yong Joe, the team’s head of structured credit research, continue to lead the fund as co-portfolio managers. 

Aaron Ong, a 17-year veteran of the firm, has been named head of private asset-based credit. Additionally, Sunil Kothari, who joined Angelo Gordon in 2019, has been appointed head of European ABS. 

The only external hire for the group is David Busker, who joins the structured credit team as head of commercial real estate debt. Most recently he led commercial real estate strategies and served as a portfolio manager in Tilden Park Capital Management. 

Busker will take over for Andy Solomon, who has led Angelo Gordon’s liquid commercial real estate securities investments for 17 years and will be retiring at the end of the year. Solomon will work in an advisory capacity with Busker to ensure a smooth transition. 

“We are pleased to welcome David to Angelo Gordon. We believe the CMBS market to be today’s most distressed space across all credit markets,” said Durkin.