JP Morgan hires co-heads of newly formed Global Performing Credit group

JP Morgan Asset Management has hired Vincent Lu and Brian Elslander as co-heads of the newly formed Global Performing Credit group.

Lu and Elslander will report to JP Morgan Private Capital head of private credit Meg McClellan.

Global Performing Credit group will initially focus on opportunities in the direct lending segment. The company plans to expand the group into other private credit strategies in the future.

The new group is expected to benefit from JP Morgan’s $168bn Global Alternatives platform.

It will also leverage the company’s expertise across alternative investments including private credit, private equity, real estate, hedge funds, infrastructure, transportation, and liquid alternatives.

McClellan said: “With central bank liquidity at historic highs and interest rates remaining low, investors continue to search for sources of yield and downside protection.

“Global Performing Credit will harness our deep experience in alternative investing and differentiated sourcing capabilities to capitalise on the significant opportunities in direct lending, which have been amplified by current market dynamics.”

Commenting on the development, JP Morgan Private Capital CEO Brian Carlin said: “We see significant investment opportunity in private credit, and Vince and Brian’s depth of experience in sourcing, investing and managing capital in direct lending and other private credit strategies will prove invaluable to the Global Performing Credit platform.”

New appointments

Lu has over two decades of experience in private credit. He joins JP Morgan Global Alternatives from Wells Fargo Asset Management, where he served as co-head of private strategies.

Prior to that, Lu was part of Blackstone for 18 years and was involved in the firm’s performing credit and stressed and distressed investing funds.

Elslander previously served as co-head of Private Strategies at Wells Fargo Asset Management.

Before that, he spent over ten years at Wells Fargo Securities as managing director and head of the Financial Sponsors Group.

He also served on the investment banking and capital markets operating committee of the firm.

During his early career, Elslander worked as a managing director of the Financial Sponsors Group at Credit Suisse.

He also served as a vice president at JP Morgan in the leveraged finance and high yield capital markets groups.

Last month, JP Morgan reportedly hired UBS executive Reinout Boettcher as vice chair of EMEA investment banking in Zurich.