Hedge Funds

How Pine River used thinning competition to make a mark in the CB arbitrage space


With zero turnover of senior management since inception and an established foothold, Pine River is investing in its long-term future in Asia

After striding in with big ambitions in 2007, a whole swathe of overseas hedge fund investors beat a retreat from Asia in 2008, and one hedge fund house was quite happy to see them leave. Two years on, Pine River Capital Management has been feeling the benefit of less crowded trades, and now enjoys a niche position in the Asian convertible bond arbitrage space.

Scott Reinhart, Nikhil Mankodi and Matthew Macpherson

Pine River’s pan-Asian CB arbitrage Ishin Fund launched in 2004, two years after ex-EBF & Associates man