Cheyne Capital has established a convertible bond strategy fund, the Cheyne Select Convertibles Fund, within an Irish domiciled UCITS umbrella.
The fund is intended to be the first in a series of UCITS funds to be launched by Cheyne. Cheyne Capital chose Carne Global Financial Services Limited (Carne) to assist them in launching their UCITS funds, given the depth of experience that Carne has with UCITS and hedge funds. Mason Hayes Curran advised Cheyne on all Irish law matters relating to the launch.
Asset allocators are looking for hedge fund products that are risk controlled while at the same time providing attractive returns. Large distributors and the major banks are now looking for more UCITS hedge fund products for their asset allocation strategy, for example in the construction of UCITS hedge funds of funds. Hedge fund managers see this as an opportunity to tap into this market and create products to satisfy this growing appetite.
John Donohoe, Chief Executive Officer of Carne, said: It has been a welcome challenge and success for Carne to work for a firm as highly regarded as Cheyne Capital, a leader in the global alternative investment management industry. We are experiencing great interest in what UCITS has to offer alternative mangers and their investors. We are also working with many wealth managers who are establishing UCITS hedge products for distribution to their investors. I see it as part of Carnes role to educate the global market on the advantages of UCITS funds.