New fund from Charlemagne

Charlemagne Capital, the newly rebranded Eastern Europe investment operation, formerly part of Regent Pacific, is to launch a closed-ended fund arbitrage vehicle.

The Cayman-domiciled fund will aim to buy into closed-ended funds trading at a discount to NAV. While Regent has operated within this strategy since 1991, the vehicle will, for the first time, try to hedge out market exposure and make money purely by narrowing discounts.

Every long position held will have a mirror short position, based o

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