Veteran convertible bond analyst Jim Grantham is set to launch a firm called Conv.Biz, aimed at providing a range of services to hedge funds.The service will provide a daily "pre-opening convertible bond residuals journal", to be delivered to subscribers by 7:45am London time, looking at new flow from Bloomberg, legal reports and continental newspapers. An automated market-scanning chart service, checking globally for chart break-outs, risk analysis of prospectuses and trustees, and reports from roadshows, annual general meetings and extraordinary general meetings will also be available to clients, said Grantham
The service will take a maximum of eight hedge fund managers as clients, to limit costs while maintaining a level of exclusivity, added Grantham.
The company will comprise Malta-based Grantham and three associates based in the UK. His brother, John Grantham, will head the marketing effort and monitor quality and feedback. Stuart Wigfall, a bond manager, and David Norris, formerly head of investment company Law Debenture Corporation’s trust management department, will complete the management team.
Grantham has more than 30 years' experience in the convertibles market. Four years ago, he set up Prospectusanalysis.com, a company based in Guernsey looking at prospectus risk. Conv.biz acquires the archives of his previous venture.
Grantham said the new company is a reflection of changing times in the market. Convertible bond prices substantially reflect their binomial values, he said. “The hunt is on for hidden value, for cyclical volatility or market events that cause a share price to move non-randomly,” he added.
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