Many convertible arbitrage hedge fund managers are waiting for a shock to the market to "shake out" those managers who cannot invest successfully in a US convertible market 75% held by hedge funds, according to Sandre Manzke.
The founder of Tremont Capital Management and industry luminary says that although convertible arbitrage has been flat to down in 2004, and although Tremont has pulled out of the strategy in its role as advisor to Matrix Securities' Conservative Approach Strategy Fund of
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