Mergers & Acquisitions / Joint Ventures

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


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