D.E Shaw star of year


Tightening credit spreads helped boost arbitrageurs in December, and increasing interest rates are expected to continue to help arbitrage strategies in 2005. The D.E. Shaw Composite International fund gained about 3.30% in December and around 17.50% in 2004. Another strong performer was Izzy Englander's Millennium International fund, which posted a roughly 1.50% gain in December and about 15% in 2004. Highbridge Capital also enjoyed a solid month, notching a 1.61% return, bringing it up 7.35%. Thane Ritchie's RAM Capital LLC pulled down a 1.91% gain in December and a 12.01% return for 2004. The $572 million Concordia Capital