The drive for convertibles

The convertible arbitrage business, which was dismissed as a dead duck a few years ago, has made a roaring comeback. In 2006 convertible arbitrage funds returned an average 12.17% making the strategy the top fixed-income hedge fund performer for the year, according to statistics by hedge fund database Hedge Fund Research Inc (HFRI).

This year the strategy had returned around 5% to the end of November at a time when many credit and fixed-income hedge funds were seeing their worst performance in a

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