Former Merrill man sets up distressed debt fund
LONDON, Dec 10 (Reuters) - Former Merrill Lynch MER.N proprietary desk co-head Mark Devonshire said on Wednesday he is setting up a new distressed debt fund targeting investment of $500 million.
Devonshire said in a statement the fund will focus on finding and turning around stressed and distressed companies in Europe and Asia.
"These are stakes in good companies in Europe and Asia that are at tipping point and could go under or, with our help, be saved," said Devonshire.
Devonshire left Merrill in May this year as the bank cut back on its investment in hedge funds. He was deputy on Merrill's Principal Credit Group and managed operations in Hong Kong and London.
The mCAPITAL fund is set to launch in February 2009 targeting annual returns of 15 percent and assets under management of $500 million.
The fund will operate on the Harbour Capital investment management platform.
Harbour Capital will provide the infrastructure, regulatory and legal support for the mCAPITAL fund, which will employ 11 staff in London and Hong Kong, all of whom have worked with Devonshire during the last 16 years.
(Reporting by Simon Meads; editing by Elaine Hardcastle)
