MatlinPatterson Hires KeyCorp. Credit Team

Nov 12 2010 | 2:11am ET

Distressed investing hedge fund shop MatlinPatterson has hired a team of credit traders formerly of KeyCorp.

The $9 billion firm nabbed Craig Ruch and his team to manage corporate credit and municipal debt investments, the Financial Times reports. Ruch managed $20 billion in debt at KeyCorp, including the firm’s Absolute Return Credit Strategy. That fund rose 78% from its launch in June 2008 through this June.

Last year, the fund was up 30%.

MatlinPatterson was set up as a division of Credit Suisse in 1994 and was spun off in 2002.

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