Ionic Capital Launches Convertible Arbitrage Fund
Feb 17 2011 | 8:43am ET
Multi-billion hedge fund manager Ionic Capital Management has launched a convertible arbitrage fund with $100 million under management.
HFMWeek, citing an investor document, says the Ionic Convertible Master Fund focuses on high-delta convertible bonds trading at discounts to listed equity volatility. The new fund is diversified across 20-40 positions, trading convertible debt, equity options and other securities and instruments that are convertible, exchangeable or equity-linked.
Fund portfolio managers Bart Baum, Adam Radosti and Daniel Stone are alumni of JP Morgan-owned Highbridge Capital where they worked together for almost 10 years until 2006.
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