NewStar CIO Schmidt-Fellner Retires; Succeeded By McCready
JUL 15, 2016 - 6:50 am
NewStar Financial announced the retirement of Peter Schmidt-Fellner, both in his role as chief investment officer and as a member of the company’s board of directors.
Schmidt-Fellner was a founding member of the company and has held the role of chief investment officer since NewStar’s inception in 2004. He will remain involved with the company as an external advisor to provide decision support to its Investment Committee and to advise the Risk Policy Committee of the board of directors as needed on strategic risk management matters. The company’s board of directors will be reduced in size by one to seven members.
NewStar’s current chief credit officer, Dan McCready, will succeed Schmidt-Fellner as chief investment officer and assume his role on the company’s investment committee. Since joining NewStar in March 2013, McCready has led the company’s leveraged finance credit team and played a key role in all related credit decisions. He has more than 30 years of experience in leveraged finance and joined NewStar as chief credit officer from CIT Group where he was chief credit officer of CIT Corporate Finance. Prior to that, McCready held senior positions at GE Capital, CIBC World Capital Markets, Bankers Trust Company and Bank of America.
Reflecting on Schmidt-Fellner’s legacy and contributions to the firm, NewStar’s CEO, Tim Conway, commented, “It would be difficult to overstate Peter’s impact on NewStar’s success. He played a pivotal role in building the company and establishing our credit track record. He was the architect of our investment process and risk management frameworks and he built a world-class credit organization with deep expertise and a disciplined credit culture. His leadership also helped guide us through one of the most challenging business cycles of our lifetimes. As a result, he leaves us with a lasting legacy and we are grateful for his many significant contributions.
“While it is difficult to lose a trusted partner and valued colleague like Peter, I am very confident in our credit team and excited about the opportunity to work even more closely with Dan as we continue to build on an outstanding track record and capitalize on opportunities to further develop our credit investment capabilities and expand our asset management platform,” Conway added.
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