By Daniel Lanyon on Thursday 6 October 2016
The recently rebranded FS Investments has made a new top-level hire from Wall Street amid expectations of consolidation in the Business Development Company sector.
Philadephia-based FS Investments, a leading asset manager in alternative credit, has hired Steve DeAngelis to head its sales business as executive vice president and head of distribution.
BDCs have fallen to prey to regulatory pressures that has seen some slowdown in institutional involvement at the same time that a recovery has set in with some industry experts arguing will see consolidation. BDCs are also part of the rapidly expanding alternative credit spectrum that provides capital to small and middle market companies of whom many find traditional bank financing to be unavailable or unattractively priced.
DeAngelis joins the firm to head up its expanding distribution into new channels, at the same time it is preparing to launch new investment strategies, and ramping up its advisor and investor education platform, FS Investments said in a statement.
"Steve DeAngelis has had a long and impressive career in financial services, both as a sales leader and business builder," said Michael C. Forman, Chairman and CEO of FS Investments. "We believe we have just cracked the surface in reaching investors who will benefit from incorporating alternatives in their portfolios and look forward to Steve leading our efforts to reach and help more folks."
FS Investments is a leading alternative asset manager founded in 2007. It was until recently known as Franklin Square Capital Partners but consolidated its business under one new simplified brand in August. It currently manages six funds with over $18bn in assets under management.
DeAngelis leaves after nearly a decade at Goldman Sachs where his most recent role was managing director, head of U.S. advisor solutions where he led distribution of all products and services to registered investment advisors, regional and national wirehouses, and independent broker-dealers. He was also responsible for managing home office relationships, on both the distribution and platform research sides.
Prior to Goldman Sachs, he co-founded and served as President of ADVISORport, an early web-based platform for delivering services to broker-dealers, banks and third-party registered investment advisers (RIAs). He also held several senior positions at Delaware Capital Management after starting his career at Brinker Capital,.
"FS Investments has brought an impressive line-up of investments to the industry, with more solutions in the pipeline," said DeAngelis. "I'm excited to lead the expansion of the firm's distribution platform and further the mission of helping investors build better, more diversified portfolios."
FS Investments currently manages six funds with over $18bn in assets under management as of June 30, 2016, and co-manages an operating company.