Returns should prove to be steady but uninspiring

Lower volatility in European convertibles has hit hedge fund managers specialising in that strategy.

The low volatility, relative to equities, has created fewer opportunities in the convertible arbitrage arena.

Oliver Owen, manager of Pioneer Alternative Investments' Convertible Bond Arbitrage fund, says people who have invested in convertibles in the European universe have fared badly over the past six months.

'Convertible volatility has been trending downward so we have been lessening our

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