Hedge Funds

Morgan lines up Brigade multistrategy venture

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Don Morgan, who left his position as head of the $18 billion high-yield division at MacKay Shields earlier this year, is planning to launch a multistrategy credit firm in January to be called Brigade Capital Management.

The firm's flagship Leveraged Capital Structures Fund will invest in both the debt and equity of leveraged companies. The fund ultimately may seek to raise $1 billion in capital.

As head of the approximately $1 billion MacKay Shields Long/Short strategy, Morgan earned a reputation for a contrarian and activist investing style. He was a leading member of the committee of Excite@Home bondholders, which won