Tuesday, 27 September 2016
Last updated 12 hours ago
Oct 18 2010 | 10:16am ET
Hedge fund Polar Capital plans to launch a global convertible bond fund, hiring three specialists from Vicis Capital to run it.
The London-based firm has hired David Keetley, Steve McCormick and Kendrick Li to helm the new offering. Polar plans to unveil the convertibles fund on Nov. 1.
The ALVA Global Convertibles Fund will have more than 50 positions, diversified by geography and market sector.
"There is a unique opportunity at this time for us to grow the fund as there is approximately US$5 trillion of U.S. and European corporate debt that needs to be refinanced in the next five years whilst bank balance sheets have shrunk and many convertible hedge funds remain closed," Keetley said. "Additionally we are seeing a strong resurgence of convertible issuance from Asia. Taken together this will translate into more convertibles investment opportunities with less competition.”
Keetley was head of Vicis' international business and London office before joining Polar. McCormick was a convertibles portfolio manager; he also formerly managed long/short equity portfolios at Moore Capital Management.