In November 2009, LMR was founded by Ben Levine, Andrew Manuel and Stefan Renold with the firm's name coming after the first letter of their surnames.

[4][5] In August 2012, LMR expanded its business operations into Asia by opening an office in Hong Kong with Renold running it.

One of the main factors were basis trades which was the primary method that LMR made money and was by far its biggest wager.

They were all creditors of healthcare provider, Orpea and Anchorage and PJT Partners were working with its steering committee to restructure the company's debt.

LMR and Kyma Capital claimed the restructuring deal benefits the steering committee at the expense of the other creditors.