Edwin Tai, a portfolio manager and analyst for distressed debt and high-yield credit strategies, has joined Newfleet Asset Management in a new position as senior managing director and senior portfolio manager, distressed credit, Newfleet announced Monday.

Newfleet is an affiliate of Virtus Investment Partners Inc., which manages more than $12 billion of fixed-income assets.

Tai joined Newfleet from Third Avenue Management, where he co-managed approximately $2.5 billion in distressed and high-yield credit assets as the lead portfolio manager of the Third Avenue Special Situations Fund and co-portfolio manager of the Third Avenue Focused Credit Fund. In addition to managing the funds, he analyzed investments in restructurings and distressed situations and negotiated financial restructurings and debt exchanges with companies and creditors.