Diva Synergy is one of the few event-driven funds to be
structured under the UCITS umbrella and is run by Paris-based
The offshore fund launched five years ago while the version
using the UCITS wrapper was unveiled in June last year. The
fund's strategy consists of investing in listed equities in
Europe and North America that are subject to mergers and
acquisitions transactions. It employs two sub-strategies:
merger arbitrage and pre-event arbitrage.
Event-driven strategies, which are dominated by US-based
hedge fund managers, have been criticised as being mostly
incompatible with the UCITS wrapper because of its liquidity
Amit Shabi (left) and Lionel Melka from
But when asked about the suitability of the Bernheim Dreyfus
fund for UCITS, Amit Shabi, partner of the Paris-based asset
manager, says: "It depends on the definition of event
driven that is being used....