(Reuters) – BlackRock’s former head of European fundamental credit is preparing to launch his own hedge fund next year in what is likely to be one of the year’s biggest debuts, three sources with knowledge of the matter told Reuters. Michael Phelps, 43, oversaw $35 billion across a number of credit, leveraged finance and credit alternatives portfolios at BlackRock, the world’s biggest asset manager.
Tresidor Investment Management will launch in the second quarter and invest across European high-yield bonds, leveraged loans, convertible bonds and sovereign debt, aiming to profit from changes in central bank policy, inflation and diverging financial regimes, one source said.