Kevin Ulrich Now Chairman of Anchorage

May 26, 2022 James Heinsman Hedge Fund News

Anchorage Capital Group has been undergoing some significant changes in the last few months.

Kevin Ulrich, Chairman of Anchorage Capital Group
Kevin Ulrich, Chairman of Anchorage Capital Group

At the end of 2021, co-founder Kevin Ulrich announced that he would be closing the flagship fund and relinquishing his day-to-day duties at the hedge fund. After 20 years in an active CEO role, he will become chairman. As part of the transition, Kevin Ulrich explained to clients that he will be overseeing the unwinding of the hedge fund and collaborating with colleagues about plans for the firm’s future. Anchorage’s closure is one of the largest to unwind in 2021.

The decision to close the fund follows years of difficult markets and client withdrawals. At the time of the announcement, Anchorage was managing $7.4 billion, and was handling almost double a few years prior. Going forward, Anchorage will prioritize its $18 billion structured-credit business and $4 billion longer-lockup distressed-credit products.

Kevin Ulrich spoke to clients about the reality of the credit markets, saying they “present challenges for an evergreen fund designed to tactically allocate capital across the credit spectrum.”

Previously one of the world’s largest distressed-debt hedge funds, the closure of Anchorage is sure to leave a mark on many.

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