Friday, 1 August 2014
Last updated 4 hours ago
Dec 1 2006 | 11:30am ET
A newly-founded New Jersey hedge fund is set to launch its first offering, a sovereign fixed-income relative value fund, on New Years’ Day.
Summit-based Camber Asset Management founder and portfolio manager Chris Danielian says the Camber Fixed Income Relative Value Fund is comparable to his former hedge fund, Precept Asset Management, which he founded in 2002 with former business partner David Sukoff. The pair wound down the $450 million Precept fund at the end of the last year.
“From the 30,000-foot level, it is a similar fund,” he says. “There are going to be targeted differences, but it will be substantially similar to what we ran at Precept.”
According to Danielian, a former emerging markets analyst at JPMorgan Chase, the new fund will seek to exploit price differences between similar sovereign fixed-income securities. It will trade exclusively in government debt and derivatives on it, with no credit or mortgages in the portfolio.
Danielian says he has $10 million in commitments to the fund, and, “depending on what happens in the next month,” it may reach between $12 million and $25 million before opening on Jan. 1.
“This is my second go-around starting a fund, so I’ve been around long enough to know how the investment community works,” he said. “I’m not out canvassing the institutional fund-of-funds universe, because that’s not really my target audience. In the beginning, I’m going to have high-net worth investors and a couple of targeted institutions.”
Bear Stearns is serving as prime broker to the Camber fund. Seward & Kissel have been engaged as counsel, and Kaufman Rossin as auditor and ATC as administrator.