LONDON (HedgeWorld.com)–Three European high-yield and distressed debt specialists left Royal Bank of Scotland plc to form Cognis Capital Partners LLP, which should launch a hedge fund in coming months.
The group left on good terms with Royal Bank, and will continue to manage a 370 million euro (US$397 million) Royal Bank portfolio, said Paul Hollowday, one of the three founding partners at Cognis. Joining Mr. Hollowday are Myra Tabor and John Sullivan.
The three have about five years experience together at Royal Bank, and already have begun the process of trying to create a hedge fund. Details have not been established, but a hedge fund is a high priority for Cognis, Mr. Hollowday said. Regulatory approvals are pending.