In 2000, Mr. Sridhar Bearelly transferred from New York to London to establish Lehman Brothers International’s European managed fund business. Mr. Bearelly’s professional relocation came at a critical junction in Europe’s credit market history. In 1999, the Euro was introduced, leading to a rapid development stage in Europe’s credit markets. With the introduction of the Euro, 1999 saw the possibility for investment in credit instruments across European jurisdictions. Investors around the world began to see managed funds as vehicles that were both efficient and valuable in the acquisition of regional credit exposure.