By Nell Mackenzie
LONDON (Reuters) – Reuben Abrams, a former portfolio manager at Singapore sovereign wealth fund GIC, is set to launch a hedge fund by year-end in London, according to a note to clients from BNP Paribas.
Adira Investment Management will open its doors in the fourth quarter to take long and short bets on corporate credit, according to the note, which was dated September 1.
Abrams spent over 17 years working at GIC, finally as its lead credit portfolio manager in Europe, according to LinkedIn.
Abrams did not immediately respond to requests for comment.
Credit funds trading bonds globally, in Europe and in the United States averaged about a 4.4% positive performance for the year to the end of July, numbers compiled by HSBC show.
They outperformed the wider industry which saw performances rise 3.4% in the first half of 2023.
(Reporting by Nell Mackenzie; editing by Jason Neely)