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David Tepper Said to Back His Protege’s New Credit Fund

David Tepper, president of Appaloosa Management LP, speaks during the 20th Annual Sohn Investment Conference in New York, on May 4, 2015.

David Tepper, president of Appaloosa Management LP, speaks during the 20th Annual Sohn Investment Conference in New York, on May 4, 2015.

Photographer: Andrew Harrer/Bloomberg
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Appaloosa Management’s Eric Cole is planning to start a hedge fund with the backing of his billionaire boss David Tepper.

Cole, 43, will open Warlander Asset Management next year to invest in global credit, according to a person with knowledge of the matter who asked not to be identified because the information is private. Alex Ginzburg, who has been working as a partner at MatlinPatterson Global Advisers, will also help to start the New York-based firm as head of research.