Cheyne Capital To Launch Investment Grade Credit And Arbitrage Funds

Cheyne Capital Management is planning to roll out two Ucits III funds, covering its merger arbitrage and long-short credit strategies.

The hedge fund giant hopes to launch an Ucits III global long-short credit fund over the next few months. The fund will be managed by John Weiss and David Peacock – who both head up corporate credit – and will target investment grade credit.

The strategy will be based loosely on the firm's long-short credit hedge fund and target a 6% to 8% return above Libor per annum.

Cheyne is also planning to launch a Ucits III global merger arbitrage fund in May in a bid to capitalise on what they see as attractive opportunities in the merger and acquisition (M%26A) cycle. Simon Davies, who is CIO of the firm's event-driven business, will manage the fund.

Commenting on the rationale behind the fund launch, Cheyne's head of international sales and distribution excluding the UK, Max Nardulli, said the firm expects there will be catalysts in the ailing M%26A market which the team will look to take advantage of. He also points to reduced competition in the space, as there are now fewer specialist merger arbitrage managers and prop desks chasing the same opportunities.

Davies will tend to focus on transactions in the global M%26A market, including Europe, Australia and South Africa.

In December the firm launched its first Ucits III fund, the Cheyne Select Convertibles fund, managed by Akin Akinloye, which targets a return of 8% to 9% above Libor per annum.

Nardulli added: ‘Whatever we do when we are thinking about Ucits III, we don't just clone our hedge funds. We want to make sure that it is what investors want and can still generate alpha within Ucits III.'

Will this be a wake up call for banks? Today I have already gotten emails from chase and capital one?

They both offer new low rates. Also what will happen to the money when the foreclosed homes do start to sell? Do these banks get to keep that money too? Isn't that getting your cake and eating it too? I really do not understand. How will the money be paid back? I know it is tax payers, but how? My income tax check is my bailout plan. I use it every year to pay off credit cards from christmas and home repairs or remodel. Will I have to do without to help "fat cat" bankers who can better afford to do without than me so they do not have to?

Answer
The fact that you got offers from 2 banks offering "new low rates" for you to take out a loan should tell you just how "real" this supposed crisis is.

It is exaggerated for the sake of political and economic gain by the Elite, Washington Class.

Call your Representative and tell him/her to vote this bailout DOWN.

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