As per news from BlockBeats on November 22, Joseph Naggar, a long-serving partner at GoldenTree who was instrumental in the company's expansion into the cryptocurrency sector, is leaving the firm. His departure has cast some doubt on the future direction of the company's cryptocurrency business unit.
It appears that GoldenTree informed its investors about Naggar's imminent exit several weeks ago. Naggar was a major force behind GoldenTree's growth into the cryptocurrency realm, wherein the company has invested in dozens of startups, according to insiders knowledgeable about the situation.
Presently, GoldenTree is considering several potential trajectories for its cryptocurrency segment, including the possibility of it functioning independently.
GoldenTree is a renowned asset management entity based in New York, managing more than $51 billion in assets as of September 1. The company's focus areas include high-yield bonds, leveraged loans, private credit, distressed debt, structured products, emerging markets, private equity, and equities related to credit themes.
Naggar, who has been with GoldenTree since 2007, formerly held the position of Managing Director and Head of Structured Products for the Global Prime Credit Group at Morgan Stanley.