Stephen J. McGuinness, the former co-chief operating officer of Goldman Sachs Asset Management, has joined the investment firm Strategic Value Partners as a senior managing director.
Mr. McGuinness, 53, who previously served as co-head of Goldman Sachs’s special situations group, will focus on business development and operations at Strategic Value Partners.
Like many distressed investors, Strategic Value Partners has been active of late, capitalizing on the weakness in the United States and Europe. Over the last two years, the firm has invested $2.2 billion in distressed assets like troubled corporate debt. Earlier this year, it gained control of the German plastics maker Klöckner Pentaplast.
A 19-year veteran of Goldman, Mr. McGuinness will report to the founder of Strategic Value Partners, Victor Khosla. Mr. McGuinness joined Goldman Sachs in 1992, and became partner in 2000 after holding several senior positions at the bank.
“Steve McGuinness joins S.V.P. at an exciting point in our growth,” Mr. Khosla said in a statement. “His addition brings to our team senior management and sales expertise from one of the leading financial firms, as well as deep knowledge of credit and distressed situations.”