Perella Buys Distressed Credit Hedge Fund

Perella Weinberg Partners, the investment bank founded last year, acquired Xerion Capital Partners, a hedge fund that focuses on investments in distressed credit and other troubled companies.  Xerion's managing principal, Daniel Arbess, becomes a partner of the investment firm.  S&P estimates that $35 billion in corporate debt may default over the next 15 months.  NYTimes, Perella to Buy the Hedge Fund Xerion, an Investor in Troubled Companies; WSJ, Why Smaller Hedge Funds May Be Looking to Sell Out.