As the credit market falters – hedge funds have begun to swoop in for the remaining pieces, reports The New York Times. Following Citadel Investment Group’s pickup of Sowood Capital Management, Silver Point Capital is seeking to raise opportunistic funds. Marathon Asset Management is also planning a new fund which would buy slumping mortgage assets. “The meltdown in the subprime mortgage market has been absolutely stunning, and given this significant opportunity, Marathon has decided to roll out this fund,” Marathon’s President Bruce Richards reportedly said in a letter sent to clients.
Hedge Funds Picking Up Pieces Of Distressed Credit Market