Hughes Armstrong makes changes to management team

Other members of the management team also stepped down, although full details of this were not made public.

The firm's founder said the changes were due to "excessive headwinds" in the key markets of oil and gas, mining and steel. Lord will become executive chairman at portfolio company VRT, an Israeli industrial power-transformer manufacturer.

Riley has a background in restructuring and investment having previously held roles at EY, Grant Thornton and Bibby Offshore. He said it was an "exciting time for Hughes Armstrong" in a statement.

Hughes Armstrong is backed by fund-of-funds Clearsight Investments as its sole LP, according to publicly available documents. Clearsight was part of the consortium of LPs that removed Dutch GP Varova NL as manager of funds early in November. 

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