GAM has become the latest hedge fund to try its hand at profiting from the global market turmoil. The hedge fund arm of Julius Baer is preparing a distressed debt fund of hedge funds, with a debut likely for the end of this year or early next year.

The firm said asset prices have reached “extreme levels,” creating a chance to profit handsomely from an economic rebound.

“We are completing a thorough review of a range of the best managers in the U.S. and Europe so as to create a diversified vehicle to benefit from this unique opportunity,” GAM CEO David Solo told investors in a letter.

It is unclear how much GAM hopes to raise for the new fund of funds.