U.S. hedge fund King Street Capital Management is planning to open an office in London. The firm has hired Galia Velimoukhametova, v.p. on the credit trading desk at J.P. Morgan in London where she focused on high-yield and distressed debt, as a senior trader. Melissa Gardiner, spokeswoman for King Street in New York, confirmed the hire but declined further comment. Velimoukhametova is between jobs and could not be reached.
At J.P. Morgan, Velimoukhametova reported to Guy America, head of credit trading. He declined comment.
King Street, with $5 billion under management, is just the latest U.S. hedge fund looking to tackle the European market from a local base. At the end of April, both GoldenTree and Oak Hill--which already have significant investments in Europe--announced they are opening dedicated European offices. Highland Capital Management, meanwhile, recently established a European presence through the acquisition of ING Capital Management (BW, 4/11). These firms are hanging local shingles for several reasons, including expectations increased leveraged buy-out activity will occur in Europe and because there is, by some accounts, a ripe pool of €50 billion in univested private equity money.
