New Star sets up convertible arbitrage hedge fund
London's New Star Asset Management has hired two ex-Soros Fund Management hedge fund managers to run its new convertible arbitrage fund, which is due to begin trading at the end of March.
The fund aims to raise $250 million–500 million in the medium term, says Ravi Anand, corporate finance director at New Star, and currently has two investors.
Anand said convertible arbitrage hedge funds were still showing strong returns despite low convertible bond issuance seen over the last year. The CSFB Tremont Convertible Arbitrage index showed a return of 4% in 2002, whereas the Standard & Poor's 500 equity index fell by 22%.
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