Hedge Funds

Paloma cub to raise $100m


Michael Schram, who helped create a proprietary convertible trading group at Paloma Partners, is gearing up for the launch of his convertible arbitrage hedge fund, Pond Point Partners, on January 1. Schram, who set up Pond Point Capital Management in Stamford, CT, is expected to raise $100 million in assets for the launch.

Pond Point Partners will focus exclusively on U.S. convertible securities looking to profit from inefficiencies in pricing related to both the equity and credit characteristics of convertibles. The fund will use the full gamut of strategies within the convertible arbitrage universe such as relative value, credit,