Europe's managers find joy in their own distress

- By solomon teague
- 01 Oct 2005

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There is plenty in the market to occupy bankruptcy-watching hedge funds, with Dow Jones calculating distressed debt to be the year's top performer year-to-date (YTD). It gained 1.36% in August, and an impressive 5.41% YTD. Yet default rates have been low for the past 18 months, and currently are at all-time lows of about 1.5%-2% per year.

Chris Jones, chief investment officer (CIO) at London fund of hedge fund (FoHF) group Key Asset Management, sees a migration of business away from the

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