Asian distressed debt specialist 3 Degrees Asset Management has spun off from Finansa PCL to become an independent firm wholly owned by its founder, Moe Ibrahim, and has also completed the

Asian distressed debt specialist 3 Degrees Asset Management has spun off from Finansa PCL to become an independent firm wholly owned by its founder, Moe Ibrahim, and has also completed the acquisition of ADF Management, investment manager of the Asian Debt Fund.

'This spin-off reflects the maturity of our business and embodies the entrepreneurial spirit inherent to our industry,' Ibrahim says. 'We are excited to continue our journey as an independent firm, giving us added flexibility to pursue our goals.'

One of the longest-established players in the Asian distressed debt market, 3 Degrees was founded in 2002 and focuses on distressed debt, distressed real estate and special situations. The firm launched its first fund in 2004 and employs 25 professionals.

The Asian Debt Fund is an Asian distressed debt fund with USD380m whose experienced investment professionals have been active participants in the Asian distressed debt market for a decade.