US hedge fund billionaire, Marc Lasry, is reportedly considering launching a distressed debt-focused investment trust for the UK market in September this year.
According to a Investment Week report, Lasry will provide several hundred million dollars of his own money in seed capital, while JP Morgan Cazenove is expected to serve as a broker.
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In order to gain support for the proposed launch, Lasry has been meeting investment trust buyers over the past six months.
Charles Stanley investment analyst Stephen Peters told Investment Week that the move reflects a buoyant mood in markets, with a number of groups pitching potential launch ideas.
He further told the publication that Lasry’s planned launch could be popular among professional investors: "Some closed-ended funds are more suited for retail and some for institutions.
"If the fees are at this level, I would suggest institutions are probably more willing to pay," Peters added.
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By GlobalDataLasry and Sonia Gardner established the distressed debt firm Amroc Investments in 1989, which had a net worth of $1billion when it was closed in 2001.
Lasry is also a co-founder of Avenue Capital, a specialist in distressed debt strategies, which already manages one European debt strategy together with other focused on the US and Asia.
