Reuters – Fund firm Cairn Capital has taken over management of smaller rival Credaris’s credit fund as smaller hedge funds look for ways to beef up assets and attract wary investors in the wake of the credit crisis. Cairn, which runs or advises on $34.8 billion in assets, has taken on the 17 million euro ($23.77 million) Credaris Credit long-short fund, which bets on rising and falling prices in European corporate credit, it said in a statement.
The move will allow the fund, which returned 24 percent last year and 56 percent in 2008, to “access Cairn’s broader platform (and) extensive customer reach”.
