Cheyne Capital Management
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| Stuart Fiertz |
Cheyne has had an impressive year on all fronts, maintaining strong returns in existing funds and CDOs and attracting several big-ticket management assignments from top dealers. To date, the average IRR on its three largest CDOs stands at over 20%. According to Stuart Fiertz, president, its credit group has raised USD3.45 billion this year, through funds, collateralized debt obligations and a mezzanine and super senior deal. All that in a year which has seen other well-regarded credit fund managers post record losses. JPMorgan chose Cheyne this year to manage its first-of-a-kind long/short credit tranche fund with capital protection, a deal which raised USD300 million on its first close. The fund manager also structured this year's first hybrid cash and synthetic CDO of asset-backed securities, attracting USD400 million. And in April, Cheyne's first credit derivative CDO, with a portfolio size of USD4.6 billion, was upgraded by Standard & Poor's. The transaction remains one of the largest managed CDOs ever brought to market.
Dealers noted this year has separated the wheat from the chaff when it comes to credit fund and CDO managers. Although there are several youthful upstarts hot on its heels, noted one official, Cheyne remains head and shoulders above the rest of the credit sector.
Nominees:
* AXA Investment Managers * Cairn Capital
* BlueMountain Capital Management * Fortis Investment Management
