UK Hedgie GLG Launches Distressed Debt Vehicle

(Reuters) – London-based hedge fund GLG Partners has launched a new fund aimed at investing in the debt of troubled UK and European companies, the Financial Times said on Tuesday.

The fund, which is managed by Galia Velimukhametova, the former European head of US hedge fund King Street Capital, will focus on tradeable, liquid securities and will avoid companies requiring drawn out restructuring operations, the paper said.

The Financial Times also added that the distressed fund will look to invest primarily in European companies.

The paper quoted GLG’s co-Chief Executive Emmanuel Roman saying that the company was looking to “opportunistically deploy capital over the next 18 months”.

GLG Partners could not immediately be reached for comment. (Reporting by Biswarup Gooptu in Bangalore; Editing by Mike Nesbit)