III Capital Management Celebrates its 35th Anniversary and Announces Leadership Initiatives

Published: 7/5/2017
By | Source: III Capital Management

On July 5, 2017, III Capital Management (“III”) celebrates 35 years as an investment manager.  III would like to thank its investors, trading partners, its outstanding current team of 107 people as well as its many former team members for their contributions in helping III reach this incredible milestone.  In an industry where so many companies come and go, III is proud that it has been managing fixed income relative value capital since July 5, 1982; in addition, III has been managing credit investments for about 13 years, and convex and tail mandates for over 10 years.  It is extremely humbling to think back to where we started in 1982 and then to take stock of where we are today.
 
While today is a day to celebrate the past, we are also extremely excited about our future outlook and some of the leadership initiatives that are underway.  Effective September 1, 2017, current CEO Bill McCauley, who has led III with great distinction since 2001, has decided to step down from that position and to remain with the firm indefinitely in an advisory capacity.  Under Bill’s stewardship, III has seen its assets under management grow from just under $1.5 billion to today’s level of almost $4.5 billion.  Taking on the role of CEO will be Garth Friesen, former Co-CIO of III. Garth’s vast trading and business building experience at III since 1998 has spanned all three business areas including rates trading and portfolio management, launching our credit business in 2004, and launching our convex strategies business in 2007.  Additionally, Scott Wyler, III’s General Counsel since 1999, will celebrate his 20th year with III by becoming its President.  In this new senior management role, Mr. Wyler will work closely with Mr. Friesen to help lead III forward. Cliff Viner, our Co-Founder, and Lester Coyle will continue to manage our rates and credit portfolios as Co-CIOs while Deep Kumar will continue to manage our convexity portfolios.  III's outstanding Associate General Counsel, Karen Hansen, will be promoted to General Counsel. 
 
In announcing these changes, Mr. McCauley said: “After 16 years as CEO, I felt that it is time for a younger team to lead our organization.  With this new lineup, III will be well positioned to continue its steady growth and manage the complexities of its diversified mix of strategies.  III has always had a strong succession plan, and these moves are part of our plan to continue on for another 35 years or more.”
 
In accepting this designation as CEO, Mr. Friesen said: “In addition to continuing our multi-decade tradition of delivering uncorrelated alpha in fixed income, credit and asymmetric strategies, I look forward to helping develop and implement new strategies and business lines that can leverage our greatest edge: our people and their superior understanding of these markets and the instruments we trade within them.”  Incoming President Wyler added: “I look forward to helping Garth lead the firm and maintain our traditions of cutting edge investment strategies, following Bill’s example of always seeking and promoting best practices in all areas -- including all operational/non-trading functions, where I will focus -- and continuously standing for high character and ethics in everything that we do.”
 
 

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