Firm History

We take pride in the long history of our firm, the thoughtful growth of our managed assets and personnel, and the stability we have maintained for both our investors and employees.

Our Story

1988/1989

Michael Johnston and Scott Schaefer begin managing fixed income assets at Prudential Insurance

1992

Michael Johnston and Scott Schaefer recruited by Loews Corporation to run investment-grade bond portfolio which grew to $5 billion

1994

Scott Schaefer begins investing in convertibles at Loews Corporation

1996

Steelhead Partners, LLC founded by Michael Johnston & Brian Klein managing a deep-value long/short equity strategy

2005

Scott Schaefer joins Steelhead Partners to launch the convertible bond strategy

2008

Nick McFarland joins firm, dedicated to the convertible bond strategy 

2013

Soft closed convertible bond strategy to new investors at approximately $550 million in AUM

2016

Nick McFarland promoted to co-Portfolio Manager

2019

Scott Schaefer becomes Managing Member of Steelhead Partners

2020

Nick McFarland becomes Member of Steelhead Partners

2023

Nick McFarland becomes Portfolio Manager and Scott Schaefer assumes oversight role

2025

Steelhead celebrates 20-year anniversary of the convertible bond strategy

Steelhead|Steelhead Partners

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