|Thanks to an impressive 84% return this year in its distressed strategy, GLG Partners has decided to dedicate an entire fund to the strategy. According to the Financial Times, GLG Partners has launched a new fund which will invest in distressed European debt. Formerly a part of GLG's credit and market-neutral fund, the new fund launches with $300 million in assets under management.|
Managed by Galia Velimukhametova who used to work for King Street Capital, the new fund will focus on more liquid securities than is typical for distressed investors. This reflects the difficulties that distressed funds have had in acquiring capital from hesitant investors despite their impressive returns throughout the financial crisis.