Patrick Boyce, the head of private equity at Highland Capital Management LP, has left the investment firm after 10 years.
Boyce, who also served as chief operating officer and chief financial officer at Dallas-based Highland, which oversees about $18.7 billion, will continue as a board member of some of the firm’s portfolio companies, according to Shannon Wherry, a Highland spokeswoman, and a 2010 news release.
Highland, founded in 1993 by Jim Dondero and Mark Okada, invests in high-yield credit. It was the largest manager of collateralized loan obligations in the U.S. by dollar amount at the end of last year, according to a Feb. 12 Moody’s (MCO:US) Investors Service report. Leveraged loans, which had a record year of issuance in 2013, are used to back leveraged buyouts.
“After 10 years with Highland Capital Management, Patrick Boyce is relocating to Hawaii with his family,” Wherry said in an e-mailed statement.
Boyce, who was named a Highland partner in 2010, didn’t return an e-mail seeking comment.
Dondero and John Honis, who managed the firm’s private-equity efforts with Boyce, will continue to lead that area, Wherry said.
CLO sales reached $83.1 billion this year, surpassing the $82.6 billion arranged in 2013, according to Morgan Stanley data. The funds pool high-yield corporate loans and slice them into securities of varying risk and return.
There have been $271.5 billion of new leveraged loans arranged this year after a record $359 billion, according to data compiled by Bloomberg. There have been $230.7 billion of high-yield bonds issued this year after $346.7 billion in 2013.
Leveraged loans are rated below BBB- by Standard & Poor’s and less than Baa3 at Moody’s.
To contact the reporter on this story: Kristen Haunss in New York at email@example.com
To contact the editors responsible for this story: Shannon D. Harrington at firstname.lastname@example.org Mitchell Martin, Richard Bravo