Advent Capital Management has hired Steve Landzberg, director and portfolio manager of high-yield and special situations investments at Barclays Capital, as managing director and co-portfolio manager for its Credit Opportunity Strategy. Landzberg replaces Harry Sharlach, who left the firm last September, said Dou-Yih Yang, spokeswoman. Landzberg said that after he gets a few months under his belt with the strategy, which has a three-year track record, the firm will begin marketing it more actively to pension funds.

The strategy seeks high risk-adjusted returns by investing in senior securities, such as bank loans and collateralized notes, unsecured securities, convertible securities, preferred stock and equity. It goes long on credits that are stable or improving, and shorts credits that are deteriorating or mis-priced. Landzberg said he joined Advent Capital to work with a "tremendous platform and broad scope analytical team that has the ability to work across the capital structure." He will report to Odell Lambroza, head of alternative investments and also co-portfolio manager of the credit strategy.

Advent has approximately $3 billion in assets under management, including $80 million in its credit strategy. Landzberg said the firm aims to raise $1-2 billion during the next few years in the credit strategy. Marketing materials should be ready by October and Landzberg plans to go on the road thereafter. He managed a $1 billion portfolio that included distressed debt, leveraged loans and high-yield securities at BarCap. He thinks this experience, plus Advent's eight analysts' skills in bridging fixed income and equity analysis, should be a major selling point. For three years ending July 31, the strategy returned 6.99%. Year-to-date, it has produced 3.25%.