The fund will aim to achieve a return of 5-7 per cent from a market neutral portfolio of European investment grade, crossover and high yield credit positions.

It will be managed by Yassir Benjelloun-Touimi, who joined the firm in September 2016.

Benjelloun-Touimi was previously a partner and long-short credit portfolio manager at Chenavari Credit Partners. Before that, he was head of credit proprietary trading at UBS and head of credit arbitrage at Bank of America (Europe).