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Man GLG distressed debt team departs

A distressed debt team responsible for managing 500 million ($648 million) in assets has left discretionary manager Man GLG, part of Man Group, a spokeswoman said.

Galia Velimukhametova, portfolio manager who runs European distressed debt has left alongside her team, a spokeswoman confirmed. She declined to provide details of the exit. The spokeswoman declined to comment on why the team left.

The portfolio remains with Man GLG, which has $35 billion in assets under management. Simon Finch, Man GLG's credit chief investment officer, is taking over the portfolio and Ms. Velimukhametova's responsibilities.