Angelo, Gordon announced that Joshua S. Baumgarten, currently a senior managing director of The Blackstone Group, is joining Angelo Gordon as senior managing director and head of credit.

Baumgarten will report to Michael Gordon, Angelo Gordon’s co-founder and chief investment officer, and oversee the firm’s credit strategies – U.S. and European distressed, leveraged loans, RMBS/ABS/whole loans, CMBS, middle market lending and energy lending. The credit portfolio managers, and their investment teams, remain the same.

“Over the past five years, we have grown and diversified our credit platform as our clients continue to use credit as an important part of their asset allocation,” Gordon noted. “We have intensified our distressed debt efforts in Europe and added new origination teams in middle market lending and energy lending. Josh’s role will be to continually enhance the success of our credit platform by working closely with each investment team and our clients to meet their return goals.”

The Firm has grown, and is expected to continue to grow, in size and complexity, leading to the expansion of the firm’s senior team. Josh’s hiring follows the firm’s hiring of Larry Schloss, former chief investment officer of New York City, as president in late 2013. Josh will become a member of the firm’s senior management, a member of the firm’s executive committee, and a partner in the firm. Josh will join the firm in 2016.

Baumgarten will join Angelo Gordon from The Blackstone Group, where he has served as a senior managing director of The Blackstone Group and Blackstone Alternative Asset Management, Blackstone’s hedge fund solutions business. At BAAM, Baumgarten has overseen credit investing, and has worked closely with some of the most well-regarded credit investors around the globe. Baumgarten also has played a key role in Blackstone’s global co-investment business. He joined Blackstone in 2007.

Prior to joining Blackstone in 2007, Baumgarten was a portfolio manager and trader at BlackRock, which he joined in 2000. At BlackRock, Baumgarten’s principal focus was on BlackRock’s high-yield portfolios.

Baumgarten started his career at Jefferies in investment banking, and also spent time early in his career engaged in venture capital investing.

John Angelo, co-founder of Angelo, Gordon and chief executive officer, added, “Michael and I will be as active as ever in the business. Michael will continue in his role as chief investment officer of the firm, and will continue to play a major role in all strategic decisions for the Firm. Our intention is to make the firm stronger. Baumgarten helps us do that.”