Costa's Tyndaris Launching New Global Convertible Bond Fund

Feb 10 2016 | 11:33pm ET

London-based alternative asset manager Tyndaris is nearing the launch of a new global convertible bond fund.

The new fund will be under the leadership of veteran convertible bond specialists Damien Regnier and Eric Daniel, who were with Castle Harbor Securities briefly following stints as senior convertible bond executives at Deutsche Asset & Wealth Management and Citigroup, respectively. They are both partners in Tyndaris, according to regulatory filings. 

Tyndaris is actively marketing the fund, named the Global Convertible Fund, and expects to begin trading by the end of the second quarter, according to Reuters citing an unidentified source familiar with the plans. The amount of assets under management was not available. 

On its website, Tyndaris describes the vehicle as a sub-fund of Tyndaris Investments, a SICAV incorporated in Luxemburg. It will reportedly invest in a diversified portfolio of different classes of financial assets, including vanilla convertible and/or exchangeable bonds, without any geographical and/or sector allocation constraints.

Liquidity will be ensured through diversification across regions, sectors and a preference for large issuers with primarily investment-grade assets, according to the company. 

Unlike many alternative convertible bond funds, the new Tyndaris fund will not employ derivatives or trade in the underlying stock of issuers represented in the portfolio, noted Reuters, and will provide daily liquidity to investors.

Tyndaris was founded in 2012 by Raffaele Costa, a former partner at Man Group's GLG unit. Initially focusing on real estate investments for institutional and ultra-high net worth individuals, the new convertible bond fund is the company’s first foray into more liquid instruments. 

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