Jonathan DeSimone Appointed New CEO Of Alcentra

Rhea-AI Summary

Alcentra has appointed Jonathan DeSimone as its new CEO, subject to FCA approval, following David Forbes-Nixon's decision to step down. DeSimone brings extensive experience from Bain Capital Credit, where he was a portfolio manager. He will work closely with Forbes-Nixon during the transition. Alcentra, a leader in private debt management with over US$40 billion in assets under management, aims to leverage DeSimone's expertise to enhance its investment strategies in a challenging economic environment.

Positive

• Jonathan DeSimone's leadership is expected to drive growth in Alcentra's private debt strategies.
• DeSimone's extensive background in capital deployment and management could benefit the firm’s investment capabilities.

Negative

• Transitioning leadership may create short-term uncertainties among stakeholders.
• Concerns may arise regarding continuity in strategic vision following Forbes-Nixon's departure.

LONDON, Sept. 3, 2020 /PRNewswire/ -- Alcentra, one of the world's largest managers of private debt with over US$40 billion¹ of assets under management and part of BNY Mellon Investment Management, announced today the appointment of Jonathan DeSimone as its CEO and to the Alcentra Board of Directors, subject to Financial Conduct Authority ("FCA") approval in the UK. This follows David Forbes-Nixon's decision to step down as CEO of Alcentra to focus on his investment responsibilities.

Jonathan brings significant experience to the role, having worked with institutional investors globally to deploy capital into the high yield, leveraged loan, structured credit, private credit, distressed and special situations markets. He joins Alcentra following a 17-year career with Bain Capital Credit where he was most recently portfolio manager of the Liquid Credit strategy and a member of the Bain Capital Credit Committee. Prior to Bain Capital Credit, Jonathan spent a decade at Bain & Company working with the firm's clients across the consumer, industrial and private equity sectors. 

David will continue as interim CEO of Alcentra until Jonathan's appointment is approved by the FCA. Jonathan will join Alcentra immediately as CEO designate and over the next few months will work closely with David to ensure a smooth transition of leadership.

Mitchell Harris, chief executive officer of BNY Mellon Investment Management, commented:
"We are delighted to welcome Jonathan to Alcentra as the new CEO. He is a proven leader with experience in private debt markets and building high calibre investment teams, who is ideally suited to drive the firm's next chapter of growth. We thank David for his extraordinary leadership and dedication in building Alcentra into a leading global credit manager. He has played a pivotal role in Alcentra's success over the past 17 years and will step down as CEO with our sincere gratitude."

Jonathan DeSimone commented on his new appointment:
"I am honored to be joining Alcentra to build on the tremendous success that David and the team have already achieved for clients. With its wide range of leading investment capabilities and global reach, Alcentra is well positioned to help investors access the compelling credit opportunities available in this unprecedented economic environment."

David Forbes-Nixon, interim chief executive officer of Alcentra, said:
"It has been a tremendous privilege to lead Alcentra and I am enormously proud that, having co-founded the business in 2002, the firm is now one of the leading global sub investment grade credit managers with over $40 billion of assets under management on behalf of more than 400 blue chip institutional clients and an incredible team of world class professionals. Given the strength of the business today, this is the ideal time to hand over the management reins to Jonathan. Alongside Alcentra's exceptionally talented management and investment teams, I look forward to supporting Jonathan as we continue to meet the investment needs of our clients."

Note to editors:

About Alcentra

Founded in 2002, Alcentra is one of Europe's largest and longest tenured managers of private debt with over US$40 billion of assets under management, as of July 31, 2020 (including accounts managed by Alcentra NY, LLC, Alcentra Limited, and assets managed by Alcentra personnel for affiliates under dual officer arrangements). Strategies include senior loans, high yield bonds, direct lending, structured credit, distressed debt, and multi-strategy credit. Alcentra is a subsidiary of The Bank of New York Mellon Corporation and is headquartered in London, with offices in New York, Boston and San Francisco as well as representatives in Singapore and Hong Kong.

The Bank of New York Mellon Corporation holds the majority of The Alcentra Group, which is comprised of the following affiliated companies: Alcentra Ltd. and Alcentra NY, LLC. are registered with the U.S. Securities & Exchange Commission under the Investment Advisers Act of 1940. Alcentra Ltd is authorized and regulated by the Financial Conduct Authority – Registration number 196845 - and regulated by the Securities Exchange Commission – Registration number 801-74223. Registered office for Alcentra Ltd is 160 Queen Victoria Street, London, EC4V 4LA, UK. Alcentra NY, LLC is regulated by the Securities Exchange Commission – Registration number 801-62417. Registered office for Alcentra NY, LLC is 200 Park Avenue, New York, NY 10166, USA. Assets under management reflect assets of all accounts and portions of client accounts managed by Alcentra and its affiliates.

About BNY Mellon Investment Management

BNY Mellon Investment Management is one of the world's largest investment firms, with $2.0 trillion in assets under management as of June 30, 2020. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from eight world-class investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon, one of the world's most trusted investment partners. Additional information on BNY Mellon Investment Management is available on www.im.bnymellon.com.

BNY Mellon Investment Management is a division of BNY Mellon, which has $37.3 trillion in assets under custody and/or administration as of June 30, 2020. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of the Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Media Contacts:
Stan Neve                                                                         Asmita Kapadia
Tel: +1 212 635 7314                                                        Tel: +44 (0)207 163 3238
Email: stan.neve@bnymellon.com                                    Email: asmita.kapadia@bnymellon.com

¹ Source: US$40.9 billion, Alcentra as of July 31, 2020. The term "and/or "Alcentra Group" refers to both Alcentra NY, LLC and Alcentra Limited. Assets under management reflect assets of all accounts and portions of accounts managed by Alcentra for Alcentra and its affiliates. Specifically, certain assets under management reflect assets managed by Alcentra personnel as employees of The Bank of New York Mellon Corporation, Mellon Investments Corporation ("Mellon"), and BNY Mellon Investment Adviser, Inc. under a dual employee arrangement.

 

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SOURCE Alcentra

FAQ

Who is Jonathan DeSimone and what is his role at Alcentra?

Jonathan DeSimone has been appointed CEO of Alcentra, bringing 17 years of experience from Bain Capital Credit.

What prompted the change in leadership at Alcentra?

David Forbes-Nixon stepped down to focus on investment responsibilities, paving the way for Jonathan DeSimone's appointment.

What impact might Jonathan DeSimone's appointment have on Alcentra's strategies?

DeSimone's background in high yield and private credit markets may enhance Alcentra's investment strategies and growth.

How much assets under management does Alcentra have?

Alcentra currently manages over US$40 billion in assets.

What is the significance of FCA approval for DeSimone's appointment?

FCA approval is a regulatory requirement that validates DeSimone's leadership role at Alcentra.