Investment Manager Plans Convertible Arbitrage Fund

  • 06 Aug 2001
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Pioneer Alternative Investment Management plans to launch a convertible arbitrage fund that will use over-the-counter derivatives. Peter Cripwell, cio in Dublin, said the fund will use credit swaps, interest-rate and equity derivatives to isolate the embedded options in convertible bonds. Cripwell declined to give an example of a typical strategy but added, "I have no problem with the manager taking significant positions using derivatives." The fund will execute its derivatives transactions with Deutsche Bank, its prime broker.

Pioneer will launch the hedge fund in October with EUR20 million (USD17.5 million) of seed capital and will target investors once the vehicle is up and running. Cripwell predicts it will cap the fund at EUR200 million. The convertible arbitrage fund aims to return 15% per year after fees with an annual volatility of around 8%.

Cripwell said it is launching the fund now as part of its effort to create a range of alternative investment products. Pioneer Alternative Investment Management already runs a fixed income relative value fund, a global macro fund and an equity arbitrage fund. The manager will offer the fund to high-net-worth individuals and institutions as a stand-alone product or as part of a portfolio of hedge funds with its other products.

  • 06 Aug 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 356,356.29 1337 9.08%
2 JPMorgan 317,952.80 1443 8.10%
3 Bank of America Merrill Lynch 316,523.82 1098 8.06%
4 Goldman Sachs 235,165.28 784 5.99%
5 Barclays 229,116.44 888 5.84%

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1 HSBC 34,312.86 161 6.57%
2 Deutsche Bank 34,194.98 116 6.55%
3 Bank of America Merrill Lynch 31,113.25 94 5.96%
4 BNP Paribas 27,479.75 167 5.26%
5 SG Corporate & Investment Banking 23,982.83 136 4.59%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 19,536.02 78 8.89%
2 Morgan Stanley 16,323.54 83 7.43%
3 Citi 15,750.21 93 7.17%
4 UBS 15,208.47 58 6.92%
5 Goldman Sachs 13,499.48 73 6.15%