Angelo, Gordon President Larry Schloss leaving the firm: letter

By Svea Herbst-Bayliss

NEW YORK (Reuters) - Investment firm Angelo, Gordon & Co told clients on Friday that Larry Schloss, its president, is leaving the firm, but said there will be no change to the firm's investment strategy.

Michael Gordon, the firm's chief investment officer and chief executive officer informed clients about Schloss' departure in a letter seen by Reuters.

"This does not in any way affect our investment process or the way we run the firm," Gordon wrote in the letter that announced Schloss' departure.

A spokesman for the firm declined to comment.

Schloss joined the $26 billion firm two years ago after having been the chief investment officer of New York City's retirement system where he expanded investments in hedge funds.

The departure comes roughly two months after John Angelo, who co-founded the firm with Gordon, died of cancer in January.

Also in January, the firm said that it had hired Gareth Henry as global head of investor relations from Fortress Investment Group. Henry is a partner in the firm and reported to Schloss.

Angelo, Gordon was founded in 1988 and invested in alternative assets, including real estate and distressed debt. At one point it invested money for New York City.

The firm also invests money for Republican presidential candidate Donald Trump, according to a disclosure the candidate made.

(Reporting by Svea Herbst-Bayliss; Editing by Bernard Orr)

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