CarVal Investors, the asset management business of US conglomerate Cargill, is to launch a $5 billion hedge fund by the year-end. The new...

CarVal Investors, the asset management business of US conglomerate Cargill, is to launch a $5 billion hedge fund by the year-end. The new hedge fund, which is being marketed to institutions and ultra high-net-worth individuals, has already raised $4 billion. The fund will invest in consumer and residential loans and corporate securities including bank debt and corporate bonds. It also will take long and short positions on stocks and bonds. Cargill provides products and services in the food, agricultural and risk management sectors. CarVal was founded in 1987 and it has $8 billion in assets under management.