LONDON, June 9, 2011 /PRNewswire/ --
Cheyne Capital Management (UK) LLP ("Cheyne Capital") is pleased to announce that its European Event Driven Fund (the "Fund") has won the Best Event Driven Hedge Fund category at the 11th annual Hedge Funds Review European Performance Awards.
The Hedge Funds Review European Performance Awards recognise the top performing funds in various categories and are based on a methodology ranking funds on their returns, Sharpe ratio and other metrics. The Cheyne European Event Driven Fund achieved returns of +20.5% in 2010 and had a YTD return of +4.3% at April 30, 2011, putting it into the lead position in its category.
The Fund's unique hard catalyst event driven tactical approach seeks to capture opportunities in both the equity and credit markets generating significant returns using low levels of leverage. The Fund's mandate is hard event driven with a focus on mergers and acquisitions. 75% of the fund's portfolio is allocated across Europe and the remaining 25% elsewhere. The Fund seeks opportunities in the liquid European equity and credit spaces where a lack of other European based funds and proprietary desks has reduced the competitive environment.
The team managing the Fund is composed of nine professionals, led by Simon Davies and co-Manager Michel Massoud. This team is supported by the risk processes, infrastructure and specialist teams within Cheyne Capital, in particular its credit and convertible teams.
A second Cheyne Capital fund was also recognised at this year's Hedge Funds Review European Performance Awards. Cheyne Capital's Convertibles Absolute Return UCITS III (the "UCITS Fund") was shortlisted for the Best Sub-$100 million UCITS product category. The UCITS Fund achieved returns of +10.7% in 2010 and had a YTD performance of +4.7% at April 30, 2011.
Jonathan Lourie, founder and Chief Executive of Cheyne Capital, said: 'The European Event Driven Fund's award is Cheyne's third industry win in 2011, which, alongside the nine other industry award nominations received this year, reflects Cheyne's depth of expertise and success at managing innovative alternative investment strategies.'
Stuart Fiertz, co-founder and President of Cheyne Capital, said: 'I am delighted that the European Event Driven Fund has been given this award, which demonstrates the skill and hard work of the Event Driven team. The Fund has consistently performed well since its launch in October 2009 thanks to its ability to identify the most attractive opportunities in liquid event-driven situations.'
About Cheyne Capital
Cheyne Capital is one of Europe's leading alternative asset managers. Having launched its first fund in 2000, Cheyne Capital AUM is now $7.2 billion, which it manages across a diversified range of products. The Cheyne group currently employs approximately 135 people with its primary offices in London, New York, and Bermuda.
SOURCE Cheyne Capital