Hong Kong-based Myo Capital Advisers will next month launch a fund targeting high-yield corporate bonds and distressed assets in Asia in the wake of credit turmoil in the US and Europe.

The fund, which will start with between $50m (£25m, €32m) and $100m, hopes to take advantage of "credit dislocations" in Asia, Justin Ferrier, chief executive of Myo, said. These include forced selling of healthy credits in Asian companies by banks looking to clean up their balance sheets, as well as corporate bonds whose yields have risen due to credit turmoil in the US rather than changes in companies' fundamentals.