How Pine River used thinning competition to make a mark in the CB arbitrage space

Tue Sep 21, 2010

With zero turnover of senior management since inception and an established foothold, Pine River is investing in its long-term future in Asia

After striding in with big ambitions in 2007, a whole swathe of overseas hedge fund investors beat a retreat from Asia in 2008, and one hedge fund house was quite happy to see them leave. Two years on, Pine River Capital Management has been feeling the benefit of less crowded trades, and now enjoys a niche position in the Asian convertible bond arbitrage space.

Scott Reinhart, Nikhil Mankodi and Matthew Macpherson

Pine River’s pan-Asian CB arbitrage Ishin Fund launched in 2004, two years after ex-EBF & Associates man Brian Taylor founded Pine River. Six years on, the fund has assets under management of $416 million, and is part of a stable of strategies that feed into the $830 million global opportunities relative value Nisswa Fund. The flagship fund acts as an internal fund of funds, adjusting exposure by allocating assets to the Ishin fund and the other...

ISSN: 2151-1845 / CDC10004H

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