A banker previously from Merrill Lynch who led ABS sales for Japanese gaming parlors plans to set up a 100 billion yen ($1.1 billion) fund to invest in Asian distressed assets for Zais Group, according to a Bloomberg report.

Zais last month hired Jun Mihara as chief investment officer to help it raise 50 billion yen to 100 billion yen to purchase real estate, CMBS  and other distressed assets in Asia, according to Katsuhito Manabe, president of Zais’s Tokyo unit. Mihara left Merrill in July, Bloomberg said.

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