Hedge Funds

Oppenheimer gets into distressed


Cary Holcomb, a portfolio manager at New York-based Oppenheimer, is launching a new distressed debt fund in the early part of year. As of late November, Holcomb's team was still pondering the legal structure of the Oppenheimer-seeded strategy, which at this point seems likely to fall under the umbrella of Oppenheimer & Co.'s expanding alternatives group.

Oppenheimer, which was formerly Fahenstock & Co., and boasts a network of 1,600 financial advisors across the U.S., has quietly been expanding its hedge fund offerings for clients by incubating start-ups and tapping outside managers. In fact, Oppenheimer Asset Management has become increasingly