John Beckwith's hedge fund, Thames River Capital, is launching the Thames River High Income Fund for investments in sovereign and corporate debt in emerging markets.

The aim of the fund is to maximise total euro returns and provide a high level of income relative to European government bonds. 'The case for emerging market debt rests on the persistency of coupon payments. In the market this is known as coupon clipping,' said Michael Mabbutt, the fund's manager.