This year of our Lord, 2018, has not been a good one for hedge funds. A lot of them have died. Many of the rest are quitesick, and that was before Red October. So, uh, Michael Phelps isn’t gonna launch one this year. He’s gonna wait until next year.
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….
Estimates of the fund’s size at launch varied, with a second source familiar with the matter suggesting a $750 million start, while a third said it would be closer to $300 million….
“He has a very good reputation and a lot of support,” one investor said, while a second described him as “awesome”.
Oh, and in case you were wondering, Tresidor’s founder is a different awesome Michael Phelps with a good reputation and lots of support.
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.