New York (HedgeCo.Net) – Marathon Asset Management, the New York-based $11 billion hedge fund is reported to be starting a hedge fund to focus on European distressed debt.

“The $530 million fund was opened on Jan. 15 and will start with investments in Spain, Germany and Ireland,” The NYT reports. “Private equity firms Apollo Global Management and the Blackstone Group have been fighting over assets in Spain, while hedge funds like John Paulson’s Paulson & Company and Daniel Loeb’s Third Point have been circling assets in Greece.”

Marathon Asset Management is one of the companies accused of threatening to block the European attempt to save Greece from defaulting unless they were guaranteed a significant payout.

The hedge fund run by Bruce Richards and Louis Hanover, also owns the town of Scotia in Northern California.  A bankruptcy court in 2008 awarded the town’s 272 homes, two churches, a hotel and several commercial buildings to the hedge fund.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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