King Street Veteran Readies Credit Hedge Fund For Fourth Quarter Launch

Jun 22 2012 | 12:36pm ET

King Street Capital Management's former head trader will go into business for himself later this year.

Kieran Goodwin has founded Panning Capital Management in New York. The firm's maiden hedge fund, a credit vehicle, is expected to debut in the middle of October, opening to investors in November.

Panning will have an initial capacity of $500 million.

The new fund will have a long/short portfolio of loans, distressed assets and other credit instruments, Bloomberg News reports. And Goodwin plans to have a team of eight at the ready by then.

Already, he's hired Talisker Capital Management and Archeus Capital Management founding partner Bill Kelly as chief operating officer. He's also brought on Jason Vivas from King Street as senior trader, and hired Sean Murdock and Craig Perry as senior credit analysts. Murdock was head of U.S. credit trading at the Royal Bank of Scotland Group, while Perry ran his own hedge fund, Sabretooth Capital, until earlier this year.

Goodwin left King Street two years ago.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…