Cheyne Capital To Launch grade credit investment and hedge funds Cheyne Capital Management plans to deploy two UCITS III fund, on its arbitrage trading strategies and credit long-short.
The giant hedge fund hopes to launch UCITS III Global credit long-short in the coming months. The fund will be managed by John Weiss and David Peacock - who both head of credit to businesses - and Target's credit quality.
The strategy will be based loosely on long-short company credit hedge fund and a target of 6% to 8% return above LIBOR per annum.
Cheyne also plans to launch UCITS III Global Fund merger arbitrage in May in order to capitalize on what they consider attractive opportunities in mergers and acquisitions (M & A) cycle. Simon Davies, who is CIO of the company controlled by the events of the company, will manage the fund.
Commenting on the reasons behind the fund launch, Cheyne head of international sales and distribution outside the United Kingdom, Max Nardulli said the company expects that there will be catalysts in the M & A challenge market that the team will seek to capitalize. It also highlights the reduced competition in space because there are fewer specialized managers Merger Arbitrage and prop desks run the same opportunities.
Davies will tend to concentrate on operations in the global M & A market, including Europe, Australia and South Africa.
In December the company launched its first UCITS III fund, the Select Cheyne Convertible Fund, administered by Akin Akinloye, which targets a return of 8% to 9% above LIBOR per annum.
Nardulli added: "Whatever we do when we think of the UCITS III, we do not clone our hedge funds. We want to make sure that is what investors want and can still generate alpha in the UCITS III.
Posted on January 20, 2010.
