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