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By Svea Herbst-Bayliss
– FS Investments, an alternative asset manager that invests roughly $25 billion, said it has hired Troy Gayeski, the former co-chief investment officer at Anthony Scaramucci’s SkyBridge Capital, as its chief market strategist.
Gayeski joins FS Investments as low interest rates force investors to search for new ways to make money in their fixed income portfolios, prompting moves into private credit and real estate investments, for example.
At FS Investments, Gayeski will work with chief investment officer Mike Kelly, Robert Hoffman, who heads research, and chief U.S. economist Lara Rhame. His position is a new one.
“I look forward to benefiting from (Gayeski’s) insight, expertise and strong industry relationships as we continue to grow our business and work to deliver innovative new solutions to our clients and investors,” Michael Forman, FS Investments’ chairman and chief executive officer, said in a statement.
The firm, founded as Franklin Square Capital Partners in 2007, concentrates on giving retail investors access to alternatives including business development companies (BDCs) that loan money to smaller companies at a time other lenders pulled back from making these types of loans.
BDCs, like Real Estate Investment Trusts, create an income stream that has become very popular with investors in the current low-rate environment. FS Investments teamed up with venture firm KKR to form FS KKR Capital Corp.
Gayeski left Scaramucci’s $6.5 billion SkyBridge, where he had worked for over a decade, over the summer. Still he played a key role at Scaramucci’s marquee Wall Street conference when it returned in person to New York’s Jacob K. Javits Convention Center last month and Gayeski hosted one of the conference’s first panels.
(Reporting by Svea Herbst-Bayliss in Boston; Editing by Matthew Lewis)