GoldenTree partner who led crypto push set to leave firm

Joseph Naggar, a long-time partner at GoldenTree Asset Management who had been instrumental to its expansion into crypto, is set to leave the company, according to two people familiar with the matter. His exit leaves the fate of the firm’s crypto unit uncertain.

GoldenTree informed investors of Naggar’s impending departure several weeks ago, according to one of the people. Both sources said Naggar had been a key driver of GoldenTree’s expansion into crypto, which saw it invest in dozens of startups in the sector.

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GoldenTree’s investments in crypto

it appointed Avi Felman as head of digital assets trading, reporting to Naggar, who it said oversaw the firm’s crypto investments. Felman was also made a general partner of GoldenChain, a subsidiary set up to manage the funds launched by GoldenTree that focused on digital assets.

Felman was previously a co-portfolio manager and head of trading at BlockTower Capital. In the announcement in March 2022, GoldenTree said its partners had been investing in crypto personally for years and saw “an attractive and increasing opportunity set that can be captured in GoldenTree’s opportunistic strategies.”

Naggar himself said in a statement at the time that the digital asset ecosystem was “increasingly relevant” for institutional investors.

“I am confident GoldenTree’s rigorous fundamental and relative value driven process, as well as our robust risk management infrastructure, will position the firm well to deliver differentiated returns in the asset class,” he added.

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