Hedge Funds

Davidson Kempner offers event-driven strategy

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Davidson Kempner Capital Management, a New York based multistrategy specialist that manages $10.6 billion, will launched its first event-driven hedge fund in July.

The Davidson Kempner Event Driven Equities Fund will aim to outperform the S&P 500 over a five-year horizon. Its approach focuses on exploiting investment opportunities created by such corporate events as spinoffs, auctions of companies or their subsidiaries and accounting irregularities. Portfolio holdings will consist largely of companies with market capitalizations $1 billion or more.

Michael Leffell and Anthony Yoseloff, who already run the event-driven portions of Davidson’s master multistrategy funds, will manage the new