FRM launched into the permanent capital sphere with an in-house product, FRM Credit Alpha, in April, a month which may to some sound a somewhat ominous time to have raised capital for a credit strategy. Summer may have made a meal of some parts of the industry, but FRM's closed-ended, Irish-listed fund of credit hedge funds, which trades on the London Stock Exchange, returned 4.9% in October alone, bringing its returns since its inception to 14.2% in sterling terms, according to figures from the

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