Thursday, 26 November 2015
Last updated 1 day ago
Nov 14 2012 | 12:55pm ET
BlackRock is spinning off the leveraged-finance portfolio of its Obsidian Funds as a stand-alone hedge fund.
The new Fundamental Credit Investors Fund will include the best ideas generated by BlackRock's leveraged-finance desk, Bloomberg News reports. The firm has begun to meet with clients about the new offering and plans to begin marketing it early next year.
Word of the new long/short global credit fund comes from a Citigroup prime brokerage document. Fundamental Credit Investors will seek to replicate Obsidian's leveraged-finance portfolio, investing in high-yield debt, bank loans and special situations. The fund will be managed by James Keenan, an eight-year BlackRock veteran who serves as head of leveraged finance portfolios and investments.
BlackRock has $3.67 trillion in assets, including $113 billion in alternative investment assets. It is unclear how much it hopes to raise for the new fund; the fixed-income Obsidian funds managed less than $1 billion as of last year.
Oct 21 2015 | 10:41am ET
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…