Fund launches & closures

Paris firm NewAlpha backs ex-Highbridge credit manager

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NewAlpha Asset Management, the Paris-based global hedge fund incubation specialist that is part of the OFI Asset Management group, has initiated its 16th strategic investment through a seeding deal with New York-based PAMLI Capital Management.

PAMLI – which focuses on global credit investments and currently has assets under management of over $100 million – was founded by Faisal Syed, the former portfolio manager of Highbridge Capital’s Credit Relative Value strategy and co-portfolio manager of Highbridge’s Fixed Income Opportunity Fund.

At Highbridge, Syed managed assets of $1.2 billion at their peak and generated positive returns every year from 2006