LONDON (HedgeWorld.com) – Mark-it Partners Ltd., which offers a credit derivatives pricing service, signed on hedge fund manager Cheyne Capital Management Ltd., London, as its first asset managerclient.
Cheyne agreed to use Mark-it’s credit derivatives swap data for three years, and will integrate the system into its own systems to help price its credit portfolios, according to a statement from Mark- it. The system is an “invaluable third-party pricing tool,” said John Weiss, portfolio manager for Cheyne, in the statement.
Cheyne, a credit and convertible bond hedge fund manager, oversees more than US$8 billion worth of credit default swaps.
Mark-it launched its pricing service earlier this year,and has gotten Wall Street investment banks to join as a partner in the venture, including Goldman Sachs, Lehman Brothers, Morgan Stanley and Credit Suisse First Boston.
