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Easterly Capital bulks up with J.C. Flowers, Fortress veterans

  • Firm aims at boosting its managed accounts offerings
  • Firm formed in 2009 by former CFO of Affiliated Managers
  • New executives to focus on distribution, asset underwriting

David Cody will help boost distribution efforts at Easterly Capital. A co-founder and CEO of MatlinPatterson Asset Management focusing primarily on long/short credit, mortgage credit and senior credit deals, Cody also worked as president and an early partner at Fortress Investment Group, where he oversaw the hybrid credit group.

Avshalom ‘Avi’ Kalichstein will lead underwriting efforts at Easterly Capital. Kalichstein founded Solel Investment Group, a specialty finance asset manager, in 2011. Prior to that, he worked as a managing director at J.C. Flowers & Co, where he originated, managed and disposed of financial services-related assets around the globe.

”We are having conversations with (large capital allocators) about providing direct risk in assets with a targeted return at a fair cost,” said Darrell Crate, who founded Easterly Capital in 2009 after working as chief financial officer for Affiliated Managers Group Inc. ”Our goal is to find these opportunities and put them in a managed account product for them.”

Other executives at the firm include Bill Trimble, who runs the real estate practice, and Mark Rowe, who helps oversee operations.

Massachusetts-based Easterly Capital disclosed that it managed more than $1 billion of assets as of March 31, mostly in private equity and alternative vehicles for institutional and ultra high net worth individuals.