The fund is the third in a series of "Crescendo"-branded hedge funds, following on from the Crescendo UK Fund and the Crescendo European Fund, both clients of Wedlake Bell. The UK and European Crescendo Funds have over US$ 1 billion under management.

The Credit Fund, which invests in fixed income products, is domiciled in the Cayman Islands and listed in Ireland.

Mark Brady, Head of the Funds Group at Wedlake Bell, said: "We're a relatively new group, even though we have all worked together before, so it is great to have been asked at this early stage to work alongside Threadneedle in establishing a hedge fund and to get attuned to the Threadneedle way of doing things. We enjoyed it. Fixed income hedge funds are a growth area in the United Kingdom so it was doubly gratifying to have been involved."

Mr Brady worked with funds group colleagues, Phill Williams and Rhian Lloyd, and fellow partner Jonathan Cornthwaite, alongside Threadneedle's in-house advisors, head of legal Tom O'Connor and his colleague, Mark Kenderdine- Davies.

Background Note: The Wedlake Bell Funds Group was established in July 2001. The Group, which focuses primarily on hedge funds, private equity funds, and property funds, has seen significant growth and has recently recruited Rhian Lloyd, who joined from Dechert in February 2003.

Wedlake Bell is a 36 partner law firm with offices in London and Guernsey. Its core practice covers corporate finance, investment funds, banking, IP and media, tax and trusts, employment and pensions, commercial property, construction and litigation.