Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
10/06/2010
NB Distressed Debt begins trading on LSE
Closed-ended investment company NB Distress Debt Investment Fund will begin trading on the Specialist Fund Market (SFM) of the London Stock Exchange today, becoming only the third admission to the SFM this year.
The fund, which has raised $197.2m, intends to invest the IPO proceeds into around 40 to 50 holdings across a diversified range of investments, namely distressed, stressed and special situations. It will focus particularly on senior debt backed by hard assets to attempt to limit downside risk.
At least a third of the proceeds are expected to be invested within the first three months following, with full investment expected with the first three to nine months.
The fund, which is incorporated in Guersey, is managed by Neuberger Berman Europe, an indirect wholly-owned subsidiary of the Neuberger Berman Group, and will trade under the ticker symbol NBDD.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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