Savitz joins distressed trend

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Former Goldman Sachs partner and proprietary trader, Jon Savitz, is the latest top name to jump on the distressed debt bandwagon with the launch of the Greywolf capital structure arbitrage and distressed debt fund this summer.

Savitz, who led the Goldman Sachs' global distressed, sales and research operation, is teaming up with William Troy who was responsible for building the JPMorgan high-yield business, and with Robert Miller, who was responsible for the risk management of high-yield traders at Goldman Sachs.

The fund will look for opportunities globally and ideas will be driven by the group's strong research platform. The firm