Cheyne Capital

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Cheyne Capital Management LLP
CheyneCap.jpg
Founded 1999
Headquarters London, UK
Key People CEO Jonathan Lourie
Products Hedge funds
Website http://cheynecapital.com/home.php

London, UK-based Cheyne Capital Management is a hedge fund manager with around US$5.5 billion under management as of March 2010.

Cheyne Capital specializes in credit market investments and has won or been nominated for numerous awards from 2003 until 2009, many for its long short credit funds.

Backgound

Cheyne Capital Management was launched in late 1999 as a hedge fund manager by current CEO Jonathan Lourie and current director of research Stuart C. Fiertz, as an offspring of a decade-long bond-management practice at U.S. investment bank Morgan Stanley.[1] It is now one of Europe's top alternative asset managers and manages net assets of around US$5.5 billion.

Between 2003 and 2008 Cheyne Capital won a slew of annual awards from investment-industry publications such as Eurohedge and Derivatives Week for its strategies, products and overall performance.

In April 2009 Cheyne Capital appointed Credit Suisse's former head of global fixed income, Chris Goekjian, as chief investment officer.[2]

In December 2009 Cheyne Capital introduced its first Ucits III fund the Cheyne Select Convertibles Fund, aiming at an annual return of 8 percent to 9 percent above Libor. Cheyne Capital then announced in mid-March 2010 that it would launch a global long-short credit fund and a global merger arbitrage fund.[3]

Products

Cheyne Capital best-known funds include:

  • Cheyne CDO 1 Fund - structured credit
  • Cheyne New Europe Fund - exotic strategies
  • Cheyne Discovery Fund - arbitrage and multi-strategy


Recent performance

Judged by the number of annual awards it was nominated for, 2009 was a disappointment for Cheyne Capital after years of accolades from the managed fund media. The firm was nominated for just one award category - credit and distressed - for its Cheyne Long Short Credit fund in 2009 after winning three awards and receiving seven other nominations the previous year and the same number in 2007.

Key people

Jonathan Lourie is co-founder and CEO of Cheyne Capital Management. Co-founder Stuart C. Fiertz is Cheyne Capital's director of research.

Latest news

Cheyne Capital made news in mid-March 2010 by adding lower-rated British mortgage-backed securities to its Queen's Walk Investment Ltd. fund, which invests most of its US$165 million in those instruments, Bloomberg reported.[4] The U.K. property market appeared to be recovering in Q1 2010, with mortgage approvals rising and delinquencies falling, and Cheyne Capital is focusing mainly on purchasing mortgages repaid by rental income.

References

  1. About Cheyne. Cheyne Capital Management.
  2. Cheyne Capital appoints Chris Goekjian as Chief Investment Officer. Cheyne Capital Management.
  3. Cheyne Capital to launch investment grade credit and arbitrage funds. CityWire.
  4. Cheyne Fund Boosts Allocation of Low-Ranked U.K. MBS. Bloomberg.