The IIU Convertible Arbitrage fund which aims to return between 15% to 20%pa launched on 1 February.
It joins the group's IIU Convertible fund which has been running since March 1997 and takes long positions in convertible bonds, but does not short the underlying equity.
The fund managers are the manager of the existing fund, Paul O'Reilly, who has been with IIU since 1996 and Dara Marnell who joined last October from the convertible trading desk at Allied Irish Bank in London.
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