Hedge Funds

Fund profile: The event-driven Diva


Diva Synergy is one of the few event-driven funds to be structured under the UCITS umbrella and is run by Paris-based Bernheim Dreyfus.

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