Brevan Howard's Argentina Fund

Brevan Howard Sets up Argentina Fund

Europe's biggest hedge fund managers Brevan Howard has created a fund to invest in Argentinean assets, a filing with the Securities and Exchange Commission showed.
The hedge fund firm, which managed more than $34 billion at the end of October, has started to market the fund to external investors. A Brevan Howard spokesman declined to comment on how much the fund aims to raise or who will manage the fund.
Argentinian debt is trading at 86 cents on the dollar, according to Thomson Reuters data, after the country defaulted on its debt in July following a legal battle with a small group of U.S. junk debt specialists.
Argentina has been battling with hedge funds who are seeking full payment of debts after its $100 billion default in 2002. Other creditors had previously settled for less.
Argentina says it cannot pay the holdouts until the Dec. 31 expiration of a clause that prevents it from paying them on better terms than it pays holders of restructured debt.
Source: Reuters

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