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Wiltshire Capital and PCE launch credit fund

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A new European credit fund, the Wiltshire Credit Opportunities Fund, is being sponsored by nabInvest, National Australia Bank’s direct asset management business.



NabInvest is a cornerstone investor in the fund and strategic partner in its manager Wiltshire Capital.

Wiltshire’s founder and principal investment manager is John Sullivan, an investment professional with 20 years’ experience in the hedge fund and finance industries and 13 years in European markets.

Before establishing Wiltshire Capital, Sullivan was a co-founder of Cognis Capital, a firm that grew to over USD500m in assets under management between 2003 and 2007.

Wiltshire has formed a joint venture with PCE, with the latter providing the manager with institutional quality infrastructure, risk management, compliance and regulatory support as well as fundraising capability.

PCE is authorized and regulated by the FSA (UK) and registered with the SEC (US) and acts as the appointed investment manager of the Fund.

John D Mattimore, chief investment officer and chief risk officer of PCE, says: "The team is highly talented with a strong appreciation of risk management and performance generation, which are inextricably entwined in the fund manager’s investment philosophy. We are confident that the fund will capitalise on the many opportunities present in the European credit market. "

The fund invests in mispriced, stressed and distressed sub-investment grade European corporate debt, which continues the strategy executed by Sullivan at previous firms.

Wiltshire’s approach is designed to operate through credit and market cycles and, unlike a number of other similar strategies, remains focused purely on corporate credit and on "value" based investing. The fund targets 15 per cent-plus returns using minimal or no leverage.

Sullivan says: "Debt markets have grown substantially in the last ten to 15 years and offer a wide selection of investment opportunities across the capital structure and in a broad range of industries and geographies. At the same time the current economic climate and continuing fallout from the global financial crisis has created some compelling opportunities in these markets, making it an ideal time to launch a fund like Wiltshire Credit Opportunities Fund that specialises in these assets."

Merrill Lynch International has been appointed as the prime broker, Quintillion is the administrator and Grant Thornton is the auditor of the fund.

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