Fresh from hiring a new chief investment officer, Odyssey Investment Management is launching a pair of hedge funds.
The New York-based firm has opened its Special Situations Bond and Convertible Bond Opportunities funds to outside investors, HFMWeek reports. Each of the funds has a capacity of between $300 million and $500 million.
Odyssey currently manages about $150 million.
“We are seeing tremendous opportunities in the convertibles space outside the U.S., especially in emerging markets,” CIO Mikhail Filimonov told HFMWeek.
Filimonov has been on the job for just a few days, having joined the year-old hedge fund from his own Alexandra Investment Management last week. Filimonov managed two hedge funds, including a convertible bond fund, at Alexandra, which he founded more than 15 years ago.
“Our nimble approach allows us to capitalize quickly on market dislocations and exploit special situations common in today’s environment,” Filimonov said at the time of his hiring. “We are well-positioned to deploy capital globally as companies’ capital structures evolve in this changing economic climate.”
The firm plans to market the two new funds to investors from around the world.