Longacre Fund Management Plans to Shut London Office

(Corrects spelling of Garber in second and third paragraphs.)

Longacre Fund Management LLC, the hedge fund founded by former Bear Stearns & Co. executives more than a decade ago, plans to close its London office this month.

“Given its desire to concentrate personnel and resources in its New York headquarters, Longacre has decided to close its London satellite research office by year-end 2010,” Chief Operating Officer Jeremy Garber said today in an interview.

Garber declined to name the number of people in the office, which was led by portfolio manager Roderick Stephan.

Longacre, which focuses on distressed and leveraged credit investing, was started in 1998 by John Brecker, Vladimir Jelisavcic and Steven Weissman, who had worked within Bear Stearns’s distressed debt and high-yield group, according to the hedge fund’s website.

Goldman Sachs Group Inc.’s Petershill Fund Offshore LP bought a minority stake in Longacre in June 2008, according to the website.

To contact the reporter on this story: Saijel Kishan in New York at skishan@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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