Tages Capital announced the launch of Tages PSAM credit fund with P. Schoenfeld Asset Management (PSAM). PSAM will act as the manager of the Tages PSAM credit fund, an existing sub-fund of Tages International Funds (a Ucits-compliant umbrella fund structure). The fund’s focus will remain a credit long/short investment strategy.
Originally launched in May 2016 as Tages Fore Ucits fund, the fund has been renamed the Tages PSAM credit fund with assets under management of $64m.
Al Moniz joined PSAM to help oversee the management of the Tages PSAM Credit Fund. Moniz previously served as a portfolio manager and partner at Fore Research and Management LP for over fourteen years, where he managed the Tages Fore Ucits fund.
Peter Faulkner, portfolio manager, PSAM said: “PSAM is delighted to assume management of the Tages PSAM credit fund. PSAM’s approach to credit investing is driven by the identification of fundamental value in corporate credit markets with a focus on targeting absolute returns from both the long and short perspective.
We have been close to Tages since the firm’s inception and have known the principals for many years prior to that. Tages is a respected manager with an extensive and successful track record in the industry and we look forward to working with them to deliver our differentiated credit approach to a new set of international investors looking for a Ucits solution.”
Jamie Kermisch, CEO of Tages Capital said: “PSAM’s long track record and institutional reputation within the credit arena are well known to Tages. We were searching for a firm with the ability to generate compelling risk-adjusted returns and alpha generation throughout all points of the credit cycle. Identifying value in the corporate credit market, including shorting opportunities, will be particularly important when navigating the forthcoming market environment, and we are delighted to bring PSAM’s credit long/short skills to the Ucits market through the management of a fund that has delivered attractive returns since its launch last year. We expect the Tages PSAM credit fund to continue to represent an excellent source of diversification for credit investors.”