* Bill Ammons to join as portfolio manager, partner -source
* Previously worked with David Allen at CPPIB - source
* To sit on investment committee and management committee -source
By Maiya Keidan and Simon Jessop
LONDON, Sept 20 (Reuters) - Ex-Canada Pension Plan Investment Board (CPPIB) fund manager Bill Ammons is set to join his former boss's credit fund start-up, AlbaCore Capital, a source close to the firm told Reuters.
AlbaCore has hired Ammons as a portfolio manager and partner from CPPIB, where he was number two to AlbaCore founder and credit market veteran David Allen, the source said.
Ammons joined CPPIB in 2010 when Allen launched a European credit investments team that ran billions of dollars, before Allen left the business in May 2016, the source said.
CPPIB, Allen and Ammons were not immediately available for comment when contacted by Reuters.
Prior to joining CPPIB, Ammons had stints at Bank of America Merrill Lynch (NYSE:BAC), in its restructuring and leveraged finance team in London, and the leveraged finance team at Wachovia.
AlbaCore is set to launch in London later in 2016, although the source was unable to clarify the exact timing and size of the launch, or detail on its strategy.
Ammons and Allen are joined as founding partners by Chief Operating Officer Joseph Novarro and Portfolio Manager Matthew Courey, who has worked with Allen for 15 years, most recently in his role as a broker at Credit Suisse (SIX:CSGN), the source said.
All four partners will serve as members of both the investment committee and management committee.
Another recent addition at AlbaCore, as head of operations with responsibility for overseeing risk management, is David O'Neill, previously head of European institutional equity trading at KCG Holdings between 2013 and 2015, the source said.
AlbaCore is expected to add more staff to both its investment and business development teams over the coming months, the source said.
($1 = 1.3218 Canadian dollars) (Editing by Susan Fenton)