Jeff Bersh, managing director and head of the distressed credit trading group at Credit Suisse First Boston, has left the firm and plans to start a hedge fund. Bersh is still in the preliminary stages of planning his New York-based fund and is likely to be collaborating with other distressed professionals from the industry, according to a market participant familiar with his plans. Bersh worked at CSFB for seven years and had wanted to start his own fund for some time, added the market participant. Bersh declined comment.
Phil Desantis, head of high-yield trading at CSFB, is responsible for the distressed group. He said CSFB will not make a direct replacement for Bersh although distressed trader Rob MacNaughton's responsibilities will increase. Desantis added Bersh is likely to be successful. "He has some access to money, so there's almost no reason not to [start a hedge fund]," Desantis noted.