Highbridge Vet To Launch Relative Value Credit Fund

Nov 29 2010 | 10:12am ET

Highbridge Capital Management's former relative value credit head is sticking with that strategy—but at his own hedge fund.

Faisal Syed has founded PAMLI Capital Management and is preparing to launch its maiden Global Credit Strategies Fund, HFMWeek reports. The new vehicle will employ a long/short relative value strategy focused on corporate debt, emerging markets sovereign debt and structured credit products.

New York-based PAMLI said in a capital introductions document that it would invest in liquid instruments and use little leverage.

Syed was co-manager of Highbridge's Fixed Income Opportunity Fund, running a $1.2 billion relative value portfolio. He joined the hedge fund from JPMorgan Chase, which acquired Highbridge between 2004 and last year. Syed is also a former member of Credit Suisse's proprietary loan trading group.

PAMLI will charge 1.75% for management and 15% for performance for investors who accept a one-year lockup. Those who want quarterly liquidity will pay the full fare of 20% for performance. There is a $1 million minimum investment requirement.

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