(Bloomberg) -- Barings laid out a plan to rebuild its direct-lending team after one of the largest asset management raids in years, according to people with knowledge of the matter.

In an effort to allay concerns after losing more than 20 senior staff, Barings has told investors that it plans to hire three managing directors in North America to help with origination, as well as three more in Europe. There are also two open positions in portfolio monitoring, said the people, who didn’t want to be identified as the matter is private.

The firm is rushing to put new managers in place after staff including the co-heads of the global private finance division moved en masse to fledgling rival Corinthia Global Management last month and left it struggling to fill key roles at some of its funds. Barings has sued Corinthia and some former employees over the move.

Following the departures, Barings has 26 investment professionals in Europe and 50 in North America in its global private finance division, the people said, a unit that has about $33 billion of assets under management. Some staff have been promoted to recently-vacated posts. 

Read More: Barings Bemoans One of ‘Largest Corporate Raids’ in Years 

Barings has had to pause some investing strategies as key-person clauses — which prevent investment firms deploying fresh capital if certain staff leave — were triggered after the defections. The firm is planning on updating investors in the affected funds, holding meetings from April 29, the people said.

Meanwhile, the firm’s private credit and capital solutions teams are now both reporting to Bryan High. 

New permanent investment committees have also been formed, consisting of four members in three regions, North America, Europe and Asia Pacific. Terry Harris and Stuart Mathieson will represent all three regions. High will sit on both the North American and Europe committees. 

Brianne Ptacek rounds out the North American committee while Tom Kilpatrick will be the fourth member of the one in Europe. The Asia-Pacific Investment Committee will include Shane Forster and Justin Hooley.

The global private finance division “continues to be a key strategic focus for Barings and we are confident that with the leadership team’s deep experience in the market, along with the support of the more than 80 investment professionals across our GPF platform, we will remain well-positioned to drive long-term value for our clients,” a spokesperson for Barings told Bloomberg News.

--With assistance from Francesca Veronesi.

(Updates with more detail on staff departures and lawsuit in third paragraph.)

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