Gulf Stream Asset Management said last week that it is establishing a credit dislocation fund and a multi-strategy credit hedge fund.

In conjunction with this announcement, the firm has opened a New York office and tapped CDO market veteran Mark Zusy to manage the firm's New York office as chief financial officer. Sukai Liu was appointed head of hedge fund portfolio management.

Zusy joins Gulf Stream with more than 25 years of capital markets experience, including senior roles in credit and mortgage related securitization products, structured products and primary capital markets and derivative businesses. Previously, Zusy was with Lehman Brothers, most recently as managing director in the CDO banking group, before leaving in May 2007.

Liu was founder and president of Visor Alternative Investments, a multistrategy credit and relative value investment manager. He was also managing director and chief investment officer of CooperNeff Advisors and head of alternative credit of Fischer Francis Trees and Watts, both subsidiaries of BNP Paribas.

Earlier this year, Istithmar World Capital (IWC), the private equity and alternative investment arm of Istithmar World, acquired a majority stake in Gulf Stream. IWC is headquartered in Dubai, UAE, with offices in Shanghai, China and New York.

The firm has invested in over 35 companies with total capital deployed in excess of US $3.5 billion in the four years since it began business

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