New York (HedgeCo.net) – Cheyne Capital Management’s European Event Driven Fund won the Best Event Driven Hedge Fund category at the 11th annual Hedge Funds Review European Performance Awards.

The Cheyne European Event Driven Fund achieved returns of +20.5% in 2010 and had a YTD return of +4.3% at April 30, 2011, putting it into the lead position in its category.

The Hedge Funds Review European Performance Awards recognise the top performing funds in various categories and are based on a methodology ranking funds on their returns, Sharpe ratio and other metrics.
The team managing the Fund is composed of nine professionals, led by Simon Davies and co-Manager Michel Massoud. This team is supported by the risk processes, infrastructure and specialist teams within Cheyne Capital, in particular its credit and convertible teams.

A second Cheyne Capital fund was also recognised at this year’s Hedge Funds Review European Performance Awards. Cheyne Capital’s Convertibles Absolute Return UCITS III was shortlisted for the Best Sub-$100 million UCITS product category. The UCITS Fund achieved returns of +10.7% in 2010 and had a YTD performance of +4.7% at April 30, 2011.