Efforts to contact both GoldenTree and Joseph Naggar via emails and phone calls for comments yielded silence, sparking speculation about Naggar’s departure.
Sources familiar with the situation anticipate Naggar, a long-standing partner at GoldenTree Asset Management and a pivotal figure in the company’s cryptocurrency ventures, to depart from the firm, thereby thrusting the cryptocurrency division into a state of uncertainty.
Anticipated Departure and Impact on the GoldenTree Cryptocurrency Division
Insiders revealed that GoldenTree had informed investors weeks ago about Naggar’s anticipated departure, emphasizing his significant role in expanding the firm’s presence in the cryptocurrency realm. Naggar’s contributions reportedly included investments in various cryptocurrency-related firms.
As news of his exit surfaced, the asset manager is reportedly exploring diverse strategies, contemplating the potential spin-off of its cryptocurrency division.
Efforts to elicit responses from both GoldenTree and Naggar through emails and phone calls remained unanswered. Notably, Naggar’s name was listed on the company’s webpage as part of the Executive Committee since 2011. However, details regarding the current members of the Executive Committee are not publicly available.
Background on GoldenTree and Naggar’s Career
Steven Tananbaum founded GoldenTree in 2000, and Naggar joined the company in 2007, after serving as a managing director at Morgan Stanley’s Global Principal Credit Group. At Morgan Stanley, Naggar held the position of partner and head of structured products, overseeing international trading and US capital markets for CDOs before joining GoldenTree.
The potential departure of Joseph Naggar also raises questions about the future trajectory of the company’s cryptocurrency ventures. It signals a period of uncertainty for the firm’s involvement in the rapidly evolving crypto landscape.