Baupost joins US advisers looking for London expansion

A stream of US investment advisers want to set up or expand in London in anticipation of more distressed European real estate opportunities.

They include Boston-based hedge fund Baupost, which submitted a bid for the Excalibur loans acquired by Lone Star and has a joint venture with Helical Bar.

Others targeting expansion include Centerbridge Partners, a New York-based private equity firm focused on distressed securities, and Ares Management, which already has a base here but is looking to recruit in property, headhunters say.

They follow companies such as Kennedy Wilson, which has 13 people based in London and more in Dublin after buying a $1.8bn Bank of Ireland loans portfolio and winning a European mandate from Fairfax Financial.