Partnership with Paris-based Puzzle takes Abrax merger arb vehicle to the next level

Mon Oct 22, 2012

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Xavier Robinson
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 two years.

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 the...

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