The recently rebranded FS Investments, formerly Franklin Square Capital, has made replaced outgoing chief financial officer for two of its Business Development Companies.
Michael Lawson has resigned as chief financial officer from two business development companies (BDC) run by FS Investments, FS Investment Corporation II and FS Investment Corporation II, according to regulatory filings to the Securities and Exchange Commission
Lawson, who joined FS Investments back in April 2014, is being replaced by Bill Goebel.
“Mr. Lawson’s resignation was not due to any disagreement with the company on any matter relating to the company’s operations, policies or practices,” the firm said in a statement.
“In connection with Mr. Lawson’s resignation, on November 16, 2016, the Company’s board of directors appointed William Goebel as Chief Financial Officer of the Company,” it added.
Goebel has served as the chief financial of the FS Global Credit Opportunities Fund among many others. He previously held a senior manager audit position with Ernst & Young LLP in the firm’s asset management practice from 2003 to January 2011, where he was responsible for the audits of regulated investment companies, private investment partnerships, investment advisers and broker-dealers.
Philadephia-based FS Investments is a leading asset manager within the BDC sector, which has fallen to prey to regulatory pressures in 2016 that has prompted a slowdown in institutional involvement at the same time that a recovery has set in providing extra hurdles for advisers and broker-dealers.
BDCs provides capital to small and middle market companies of whom many find traditional bank financing to be unavailable or unattractively priced.
FS Investments currently manages six funds with over $18bn in assets under management , 2016, and co-manages an operating company.