The former top trader at credit fund manager Credaris has teamed up with London hedge fund shop Matrix Group to launch at $100 million hedge fund.

The new Matrix-PVE Global Credit Fund is headed by Gennaro Pucci, head of trading at Credaris until April. While Pucci and UBS veterans Christian Evans and Rachel Barnard will handle the management of the fund, Matrix will provide operational and infrastructural support, including compliance and sales.

The joint-venture will focus on European corporate debt, credit derivatives and asset-backed securities, Bloomberg News reports. The fund represents the first foray into credit for Matrix, which manages about $4 billion and already boasts a trio of equity hedge funds.

“We see a huge gap in Europe, where there’s still huge opportunity and few managers,” Pucci told Bloomberg. “The recovery road is going to be paved with lots of volatility.”