Gulf Stream starts distressed funds

Istithmar World Capital's US-based subsidiary Gulf Stream Asset Management yesterday launched two distressed funds and also opened an office in New York as part of its expansion plan. Gulf Stream Asset Management manages $3.8 billion (Dh13.9bn) of corporate credit portfolios for global institutional investors.

Mark Zusy will be the CFO at the New York office, and Sukai Liu will head hedge fund portfolio management.