Managers launch distressed debt funds

A growing number of asset managers have launched distressed debt funds in an attempt to reap the benefits of valuation discrepancies caused by the fallout from the US subprime mortgage crisis.

California-based asset manager Trust Company of the West recently raised $1.56 billion to set up a fund investing in US mortgage credit. Meanwhile, at JP Morgan in New York, special situations partner Jonathan Katz has left the firm to set up a fund that will invest in distressed assets.


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