ECM’s Malik relishes turmoil with opportunistic special sits strategy
Fri Jun 22, 2012
Wells Fargo-owned specialist fixed-income asset manager European Credit Management is stepping up the capital-raising drive for its European special situations hedge fund strategy at a time of escalating drama, volatility and opportunity across the entire crisis-stricken European investment spectrum
Even the principals at European Credit Management, the $9.5 billion London-based fixed-income and credit specialist owned by US bank Wells Fargo, can scarcely have foreseen the extent to which the investing landscape would evolve and expand when they first decided to launch an opportunistic event-driven special situations hedge fund focusing on Europe.
The fund had its origins in the market meltdown and subsequent bounce-back of 2008 and 2009, which prompted ECM (one of the first, and still one of the largest, specialists in European credit asset management – with a mainly long-only focus) to seek managers to run an opportunistic long/short special sits fund targeting stressed and distressed investing.
But it was not until April 2010 that ECM recruited its managers from distressed debt fund Agilo to run the new strategy. Six months later, the fund was ready for launch – with seed capital from Wells...
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