Caution First

The Coutts' Orbita fund of funds range has reduced exposure to convertible and merger arbitrage strategies.

Bob Dawkins, head of alternative investments at Coutts, says he has reduced exposure to these strategies in the Orbita range because of the reduction in merger activity and concern about the high proportion of convertible bonds held by hedge funds themselves.

Convertible bond arbitrage managers may have looked keenly at news from Standard & Poor's at the end of June that global convertible

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