The arrival, from the start of November, of Puzzle Capital as a
new investment partner for the Geneva-run Abrax Merger
Arbitrage Fund looks set to act as a major spur in the growth
of one of the best-performing funds of its kind over the past
Puzzle was set up in 2009 as an asset management boutique by
Jean-Louis Juchault and David Obert, two well-known figures in
the European hedge fund industry as the founders of Systeia
Capital Management and the former heads of fellow French hedge
fund group Barep.
Since its formation, their new venture has focused on
fund-of-funds investing - seeking out innovative and
unconventional strategies that can provide superior
risk-adjusted returns for investors. The affiliation with
Abrax, which takes effect on 1 November, is the firm's first
direct affiliation with a single-strategy fund.
Puzzle will become the investment manager of the fund - and