MKP Plans London Credit Desk

Dec 6 2011 | 12:27pm ET

Seven months after setting up shop in London, MKP Capital Management is expanding the office to take advantage of the European credit crisis.

The New York-based hedge fund will hire a credit team to operate out of the British capital. Partner Steven Jeraci will move across the Atlantic to build and direct the new team, MKP said.

"Considering Europe's influence on markets globally, plus the risks and rewards being created by the transformation of the European financial system, MKP's investors will clearly benefit from an expansion of our European credit presence," CEO Patrick McMahon said. "A credit team in London will naturally complement our existing macro and credit teams by providing on-the-ground intelligence and surveillance."

The new team will be up-and-running by the end of next year.

MKP has some $4.5 billion in assets under management, including $2.5 billion in its Credit Fund. Earlier this year, the firm added a macro trader to its London office.

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