WEST PALM BEACH, FL (HEDGECO.NET) – Schneider Capital Management has unveiled a new hedge fund, according to a just released statement. This is the second hedge fund launched by the asset managerthis year so far. The first fund launched earlier this year was the Boston & Alexander Number One Fund, seeded with about US$12 million, the fund is anticipated to reach about US$220 million inabout 3 years time, according to company spokesman, Shirbir Chowdhary.
The new product, a multi-strategy arbitrage hedge fund would be managed by Rory Passey of Boston & Alexander, a specialist in arbitrage strategy. Ms. Passey was the former head of convertible bond research and credit at the Commerzbank. The new multi-strategy fund would utilize three arbitrage strategies; Chowdhary explained that 40% of the investment would be devoted to capital structure; another 40% would utilize the convertible bond strategy, while 20% of the trading would be dedicated to special events arbitrage, Chowdhary said.
The new fund requires a minimum investment of about US$70,000, while fee structure includes 1.5% for management fee, and 20% for performance fee. The new Schneider funds are domiciled in the British Virgin Islands [BVI] according to the released statement.
Chowdhary further said that Schneider would be adding two additional fund managers in the coming weeks bringing the number of fund managers to five by the end of the quarter. Eventually Schneider Capital Management would establish a feeder fund in about nine months Chowdhary added. No further details were however provided.
Schneider Capital Management is headquartered in London, the firm provides support services, trading access audit services and administrative support services to over 300 traders globally according to company statement.
Paul Oranika
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