Baupost To Open London Office

May 6 2011 | 12:29pm ET

The Baupost Group sees such attractive opportunities in Europe, the hedge fund is set to open its first overseas office in London to take advantage.

The $24 billion Boston-based firm will focus on distressed debt, as European banks begin to offload those assets from their books. In particular, the London team will trade primarily commercial real-estate, structured products and corporate debt, Bloomberg News reports.

The new office will be headed by managing director Jim Mooney. Baupost plans to make a series of external hires to staff it and work with Mooney.

Baupost is no stranger to Europe, having traded in the region for some time. But it has always done so from the comfort of its Boston headquarters.

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