Fund firms win licences in HK amid dash for distress

Asset owners and fund managers are eagerly adding to a wall of capital for distressed debt and special situation investments in Asia, with a proliferation of new teams, allocations and licence approvals in recent months and more expected to follow. China and India are seen as the most fertile markets for such opportunities, with the authorities in both countries acting to reduce the amount of bad loans sitting on banks’ books. The number of debt defaults is expected to rise thanks…