Joseph Naggar, GoldenTree Asset Management’s longtime partner who played a key role in the company’s cryptocurrency expansion, is expected to depart, according to two people familiar with the situation. After his departure, the company’s cryptocurrency division was left in limbo.
One of the people said that GoldenTree notified investors of Naggar’s anticipated departure some weeks ago. According to these reports, Naggar played a significant role in GoldenTree’s cryptocurrency expansion, which included investments in numerous firms in the field.
According to them, the asset manager is currently looking into several strategies, including possibly spinning off its cryptocurrency division.
Emails seeking a response from both GoldenTree and Naggar were not immediately responded to, and phone calls were not returned. The list of members of the Executive Committee is not included on a GoldenTree webpage, to which Naggar was named in 2011.
Steven Tananbaum started the business in 2000. After ten years as a managing director at Morgan Stanley’s Global Principal Credit Group, Naggar joined the bank in 2007 as a partner and head of structured products. Before this, he managed Morgan Stanley’s international trading and US capital markets for CDOs.
Also Read: Binance CEO Changpeng Zhao to Resign, Plead Guilty
