Hedge fund Longacre Fund Management is shuttering its London office at the end of the year.
The New York-based firm plans to "concentrate personnel and resources" at its headquarters in the Big Apple and will close its London research office by the end of the month, Jeremy Garber, chief investment officer, told Bloomberg News. Garber would not say how many people the firm employs in London.
Longacre specializes in distressed and levered credit strategies. It was founded a dozen years ago by a trio of Bear Stearns debt traders.
Portfolio manager Roderick Stephan had led the London office.