Fund launches & closures

Chedraoui to go solo with event fund after Stark buys Deephaven

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Tony Chedraoui, manager of the award-winning Deephaven European Event Fund, is looking either to spin out his fund from owner Knight Capital, or to start again as a solo operation, in the wake of Knight's sale of Deephaven to Stark Investments.

Chedraoui's fund, which has been running since June 2007, was one of few bright spots for Deephaven in 2008 - with the $500 million European event-driven strategy returning 15.39% and winning the EuroHedge award for best event-driven fund. Since inception, the fund has delivered an annualised return of more than 25%.

Market sources say Chedraoui is in negotiations with