Patrick Daugherty, former partner, senior CLO portfolio manager and head of distressed/special situations at Highland Capital Management, is partnering with former portfolio managers and Highland team members, Kevin Rourke and Niles Chura, to resurrect the alternative credit investing platform as Highland ERA Management (New Highland). Through a sub-advisory agreement with Glacier Lake Capital Advisors, Daugherty will serve as CEO and chief investment officer, Rourke will serve as head of research and senior portfolio manager and Chura will serve as head of special situations and senior portfolio manager.
The founders bring more than 90 years of experience in credit analysis, trading, restructuring and portfolio construction through multiple credit-cycles. They have worked together in managing the assets of more than 20 CLOs, hedge-funds, private-equity funds, RICs and retail funds totaling more than $28 billion.
New Highland seeks to debunk the myth of “durable alpha” marketing strategies that rely on the continuation of unsustainable monetary and fiscal policies.
“We intend to take the best of what made Highland successful and rebuild the platform to provide institutional investors with a comprehensive credit-cycle product managed by an experienced team that has consistently demonstrated market leading performance. The founders remain committed to putting investors first with actions over words as well as transparency,” Daugherty said. “We have seen herculean government intervention over the last ten-plus years that we believe has distorted the ebb and flow of the credit cycle. This trend is not likely to continue and we see the need to offer an opportunistic alternative based on a traditional fundamental approach to investing.”
