|Cheyne Capital Management LLP|
|Key People||CEO Jonathan Lourie|
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 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. It is now one of Europe's top alternative asset managers and manages net assets of around US$5.5 billion.
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.
Cheyne Capital best-known funds include:
- Queens Walk Investment Fund - mortgage-backed securities
- Cheyne Long Short Credit Fund - long short credit
- Cheyne Total Return Credit Fund - structured credit
- Cheyne CDO 1 Fund - structured credit
- Cheyne New Europe Fund - exotic strategies
- Cheyne Discovery Fund - arbitrage and multi-strategy
- Cheyne CSO prog series 6-1 - synthetic equity
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.
Jonathan Lourie is co-founder and CEO of Cheyne Capital Management. Co-founder Stuart C. Fiertz is Cheyne Capital's director of research.
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. 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.
- About Cheyne. Cheyne Capital Management.
- Cheyne Capital appoints Chris Goekjian as Chief Investment Officer. Cheyne Capital Management.
- Cheyne Capital to launch investment grade credit and arbitrage funds. CityWire.
- Cheyne Fund Boosts Allocation of Low-Ranked U.K. MBS. Bloomberg.