Angelo, Gordon President Schloss leaves firm

Lawrence Schloss, president of Angelo, Gordon & Co, is leaving the firm after more than two years, according to a letter the firm sent out late Friday.

The firm has no plans to replace Schloss, according to an LP who read the letter to Buyouts.

Schloss’s name and bio have already been removed from the management section of the firm’s website.

It’s not clear why Schloss is leaving. His responsibilities around management, marketing and strategy will be taken up by other executives, according to the letter.

Schloss’s departure will not trigger key man provisions in any of the funds, according to a source familiar with the matter. The departure will not impact the way the firm is run or Angelo Gordon’s investment process, the letter said.

Schloss joined Angelo, Gordon in 2013 after an almost four-year stint as chief investment officer and deputy comptroller for asset management at the New York City Retirement Systems. At the pension Schloss earned a reputation for pushing back against GPs on fees. Under his tenure, the pension system completed the sale of almost $1 billion of its private equity portfolio.

Prior to joining the pension system, Schloss co-founded and ran private equity firm Diamond Castle Holdings. He also spent 22 years at DLJ, eventually becoming chairman of DLJ Merchant Banking, according to his biography on a cached version of Angelo, Gordon’s website.

The announcement about Schloss comes after John Angelo, one of the founders of the firm, died in January following a battle with cancer. Another high-ranking executive, Tom Fuller who lead the distressed securities team, left in January. He was replaced by Gavin Baiera, managing director and global head of corporate credit.

Action Item: Reach the firm here: information@angelogordon.com

Photo of Lawrence Schloss courtesy of REUTERS/Brendan McDermid