NEW YORK (HedgeWorld.com)–Lyster Watson & Company, an investment adviser that oversees more than US$1 billion in assets, added to its offerings an event-driven distressed discipline run by Mellon HBV Alternative Strategies LLC.
The strategy is trading oriented and targets opportunities in the current distressed securities investment cycle. Its main focus is on taking long positions in companies that are in financial difficulty or in cyclical downturns.
“Our research leads us to believe that there is exceptional value in the record level of paper moving through the bankruptcy and restructuring process,” said Bob Lyster of New York-based Lyster Watson, in a statement. “We have worked with the Mellon HBV distressed team for more than two years and look forward to working with them on this new strategy.”
Lyster Watson advises on assets allocated to single-manager hedge funds as well as funds of funds and customized multi-manager portfolios for institutions. It has been active in the distressed arena since its formation in 1992. In 2001, it launched Lyster Watson Distressed Opportunity, a fund of funds designed for diversified exposure to this asset class .
Mr. Lyster said that the new offering, based on the long-only portion of the Mellon HBV hedged distressed approach, is particularly well suited to capitalize on current opportunities.