Singapore fund nets Nomura specialist

1 July 2008

A hedge fund specialising in distressed debt has made a high-profile new appointment, as increasing numbers of companies seem set to go bust.

Singaporean fund 3 Degrees Asset Management will now be assisted by Michael Gilmore, formerly at Nomura Securities.

In an emailed statement, the hedge fund said that the financial expert will sit on the investment committee and manage 3 Degrees' ADF Special Opportunities LP portfolio.

Mr Gilmore will therefore be focussing on investments in debt-hit companies and distressed real estate - sectors which have assumed greater importance in the credit crunch-induced global economic slowdown.

Moe Ibrahim, who founded the hedge fund, said: "He joins at a time when global default rates are rising and equity markets are hitting bear territory.

"As default rates rise, equity valuations will collapse, creating an opportunity to acquire world class Asian companies at fire sale valuations."

The global hedge fund sector is currently worth in excess of $1 trillion.

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