Tages Capital Partners With PSAM For Long/Short Credit UCITS Fund

Jun 15 2017 | 8:31pm ET

Global alternative investment company P. Schoenfeld Asset Management (PSAM) has been chosen by Tages Capital to act as the manager for one of its existing long/short credit sub-funds operating under the company’s UCITS-compliant fund umbrella Tages International Funds.

Originally launched in May 2016 as Tages Fore UCITS Fund, the vehicle has been renamed The PSAM Credit Fund and will continue following a credit-focused long/short strategy, Tages said in a statement. The previous fund manager, Fore Research & Management, recently decided to return external capital under management to investors, the statement added.

To help oversee the management of the Tages PSAM Credit Fund, PSAM has hired former Fore Research and Management executive Al Moniz to continue as portfolio manager on the $64 million fund. 

“PSAM is delighted to assume management of the Tages PSAM Credit Fund,” said Peter Faulkner, portfolio manager at PSAM, in the statement. “ PSAM’s approach to credit investing is driven by the identification of fundamental value in corporate credit markets with a focus on targeting absolute returns from both the long and short perspective.

“We have been close to Tages since the firm’s inception and have known the principals for many years prior to that,” Faulkner continued. “Tages is a respected manager with an extensive and successful track record in the industry, and we look forward to working with them.”

“PSAM’s long track record and institutional reputation within the credit arena are well known to Tages,” added Jamie Kermisch, CEO of Tages Capital. “We were searching for a firm with the ability to generate compelling risk-adjusted returns and alpha generation throughout all points of the credit cycle. Identifying value in the corporate credit market, including shorting opportunities, will be particularly important when navigating the forthcoming market environment, and we are delighted to bring PSAM’s credit long/short skills to the UCITS market. 

London-based Tages Capital is a specialist alternative asset management business with approximately $2.3 billion in assets under management. Representing the dedicated asset management arm of Tages, which oversees over €16 billion in assets, Tages Capital manages alternative multi-manager and single manager portfolios as well as investment strategies, including funds dedicated to hedge investing, infrastructure and energy. The firm is also a market-leader in providing seeding and acceleration capital to world class emerging asset managers

PSAM, meanwhile, was founded by Peter Schoenfeld in 1997. It is a global event-driven alternative asset management firm with approximately $ 2.2 billion of assets under management deployed primarily across merger arbitrage, credit opportunities (including distressed/stressed) and special situations strategies. PSAM has managed an UCITS-compliant version of its global event driven strategy since 2010.

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