October 14, 2010 / 1:34 AM / 9 years ago

Brevan Howard to launch new credit fund - report

LONDON, Oct 14 (Reuters) - Hedge fund firm Brevan Howard is set to float a new credit fund in the London market in mid-December, the Financial Times said on Thursday.

The British-based firm, which is moving a handful of staff to a subsidiary registered in Geneva this year, manages $32 billion, making it the world’s fourth largest hedge funds manager.

No target has been set for the size of the fund, which will offer investors exposure to mortgage-backed bonds and complex credit, the paper said, adding that underwriters will be appointed this week.

“If there is money to be made anywhere in the market at the moment it is in structured credit because it is still hated,” Nagi Kawkabani, the firm’s chief executive, told the FT.

He said the opportunities in asset-backed security markets will “last for years.” (Reporting by Karolina Tagaris; editing by Carol Bishopric)

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