Saturday, 27 December 2014
Last updated 2 days ago
May 25 2007 | 11:23am ET
Fort Lee, N.J.-based Palisade Capital Management is banking on the return of volatility with its latest offering. The Palisade Master Fund, a convertible arbitrage strategy, launched this month with $8.5 million in initial equity.
The firm has been managing convertible arbitrage strategies for institutional investors in managed accounts for the past two years, and now wants to open the strategies to outside capital, according to Elliot Stiefel, a director at Palisade. “We have a convertible arb. team of five plus we leverage off our equity team so we think the infrastructure is in place to grow and bring in new investors,” said Stiefel.
Stiefel is bullish on the space. “We’re expecting a record year for new issuance in the U.S. and we’ve had a record March followed by a pretty strong April.”
“The best time to get into the strategy is when the volatility is low, not high, and the volatility is extremely low right now.”
The Palisade Master Fund charges 2% for management and 20% for performance, with a $1 million minimum investment requirement.
Martin Berman, a former senior managing director at Smith Barney, founded Palisade Capital in 1995. Palisade manages some $3 billion in total assets.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.