Shipowner and financier EnTrust Global is eyeing global expansion with the creation of a new role at the top of the company.
The 10-year EnTrust veteran Sophia Mullen has been promoted to president, the New York-based operation said.
The alternative asset management firm added that the former senior managing director will continue to head the $8bn “opportunistic co-investment strategy” and remain on the management committee and global investment committee.
But Mullen will also look at innovative new deals for its increasingly diverse institutional investor base.
“It has been a great privilege to watch Sophia evolve into a firm leader over her 10 years at EnTrust Global, and as the firm’s first president, Sophia’s appointment solidifies the crucial role she’s played in improving our business for investors and employees alike,” said Gregg Hymowitz, the company’s chairman and chief executive.
Mullen has been in charge of the co-investment team for four years, deploying more than $4.4bn, including almost $1bn in 2020 alone, despite the pandemic.
This involved 43 separate investments.
In 2021, EnTrust closed a complex deal to take over Dutch bank ABN Amro’s shipping investment division Maas Capital Shipping.
Maas Capital owned bulkers with Norway’s Grieg Star, tankers through the ClearOcean Tankers venture with Oceangold Tankers and commodity trader Gunvor, and container leasing interests through US company CS Leasing.
EnTrust’s Blue Ocean Group maritime team brought in six staff from Maas Capital, led by Mark Ras.
The portfolio included 15 joint venture investments, consisting of a fleet of 76 high-quality vessels within the product/chemical tanker, dry bulk, LPG, container and offshore services segments.
On average, Maas had a 50% interest in the ships.
“After playing an important role in helping EnTrust Global become a leader in asset management, Sophia’s new position underscores the internal impact she’s made building meaningful relationships across various teams and mentoring the next generation of investment professionals,” Hymowitz added.
Mullen said: “It has been extremely fulfilling to work with my colleagues at EnTrust over the past 10 years, and I am even more excited about what we can all achieve together in the future on behalf of our investors.”
Encouraging young women
“I am honoured that Gregg has the confidence in me to play a key role in representing the firm and strengthening its position as a global leader in alternative asset management,” she added.
The president also said she hoped her new role will encourage young women and reinforce the opportunities for them to achieve leadership roles in the industry.
EnTrust has $17.8bn in total assets.
It is a backer of clean shipping company Purus Marine, which in September revealed a takeover deal in the UK to expand its offshore wind vessel fleet.
The company acquired Swansea-based HST Marine and its fleet of crew transfer vessels for an undisclosed price.
