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Alternative Market Briefing

Serone brings European high yield hedge fund Zenith on board

Wednesday, February 01, 2012

by Beverly Chandler, Opalesque London:

Following the start of the credit crisis, Serone Capital Management was set up by Neil Servis and other colleagues from Morgan Stanley. Servis’s structured credit department at the bank was reduced in 2008 and Servis set up Serone in 2009, gaining an asset management licence in 2010. Serone’s focus will be entirely on credit: corporate, structured, liquid and illiquid. "We have a full infrastructure and systems set up" says Servis. "We are a fully operational credit asset manager with the capacity to manage various structures."

And one that is growing with the recent announcement that Alex Vaskevitch is joining the team as partner and manager of the Zenith Yield Bond Fund, a fund he has been managing since 2008 and which has achieved an annualised return of 20% for its investors.

The Zenith fund focuses on investment opportunities in the European high yield corporate bond market, allocating to both sub-investment grade and stressed debt instruments. The investment process is based on a credit intensive, fundamental, bottom-up approach with a particular emphasis on the risk/reward ratio of each position and the management of the liquidity of the portfolio through nimbleness and efficient position sizing.

The fund currently has a mixture of private investors and one institution. At his peak, Vaskevitch was managing $75m in total within the fund and other managed accounts. Commenting on joining Serone, Vaskevitch says: "I b......................

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