Algebris Investments, which oversees €12.3 billion ($14.5 billion) in assets, thinks global economies and financial systems have become increasingly fragile in recent years. As a result, it believes that clients need a way to protect against a panic: A fund that’s designed to profit from a market meltdown. The money manager’s so-called tail-risk fund started trading June 1 and is managed by Alberto Gallo, the hedge fund’s head of macro strategies. For Gallo, years of aggressive monetary policy are reason to worry. Central banks have purchased trillions of dollars of assets to bolster markets and make borrowing cheaper.