Cheyne Wraps Up One Strategy, Launches Another

Sep 20 2010 | 9:06am ET

Cheyne Capital Management has raised US$100 million for a new event-driven hedge fund even as it shutters its much-heralded, year-old macro strategy.

The London-based firm seeded the new event-driven vehicle with internal capital last year. The fund, managed by Simon Davies and Michel Massoud, focuses on European middle-market companies.

Cheyne began marketing the fund over the summer and it enjoyed strong demand, reports. The firm hopes that the fund can attract as much as US$250 million by the end of the year.

The firm’s Macro Equities strategy certainly failed to live up to similarly high expectations. Launched last year with Morgan Stanley veterans Jorge Giampoli and Paul Keohane at the helm, the vehicle is believed to have managed less than US$50 million, The Telegraph reports. But performance was reportedly disappointing, and the firm never raised any outside money for it.

Giampoli and Keohane have left the firm. Paul Ruddleston, who joined with them from Morgan Stanley, remains with Cheyne.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...