Hedge Funds

Passey’s long-running CB arb strategy delivers results in good times and bad


The Boston & Alexander Number One fund – now backed by Dutch pension group APG’s IMQubator seeding vehicle – has generated an impressively consistent and uncorrelated track record through a topsy-turvy time for convertible and arbitrage managers since its launch back in January 2004

Patrick Hall
If all that were needed to gather assets in the hedge fund world are consistent returns, low volatility, capital preservation and lack of correlation, the Boston & Alexander Number One global convertible arbitrage fund would by rights be running a lot of money by now.

The fund, managed by Rory Passey since January 2004, has produced an annualised return of 6.36% since inception – giving a total return to day-one investors of over 60% against a MSCI global equity return of just 3% over the same period.

Over three