Davidson Kempner Sees Europe’s Flaws as Credit Opportunities
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Europe’s fragmentation and market inefficiencies actually offer attractive opportunities for flexible capital providers as banks retreat, according to Davidson Kempner, a $37-billion global investment firm.
The longstanding pessimism over the region’s lower growth and productivity relative to the US is overdone, and there are compelling investment options in both Europe and the UK, it argues in a white paper published Thursday. That’s particularly true for funds that are able to underwrite less traditional borrowers.