CityWire – Hedge fund giant GLG Partners has launched a fund to exploit the debt problems across European corporations, according to report in the Financial Times.

GLG, one of the world’s largest alternative asset managers, is said to have started trading the distressed strategy earlier this month. The strategy has been employed in the firm’s credit and market neutral funds since last July.

According to the Financial Times, the fund will be managed by Galia Velimukhametova, who joined the firm last summer from $16 billion (£10 billion) hedge fund King Street Capital where she was a managing director and responsible for European strategies.

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debt problems, glg-partners, hedge fund, market-neutral-funds