Paris-based asset manager Laffitte Capital Management has merged its three France-domiciled funds, Laffitte Risk Arbitrage Ucits, Laffitte Dynamic Strategies and Laffitte Diversified Return into dedicated compartments of its Luxembourg-domiciled Sicav, Laffitte Funds, on 2 October 2017.
The boutique said the move will help to meet demand from its investors and to facilitate its funds’ distribution in Europe. The firm received the agreement for the setup of its Luxembourg-domiciled Sicav, Laffitte Funds, last April. No change will be made either to the investment policy or to the goals and the management of the funds.
The Laffitte Dynamic Strategies fund was launched on 21 October 2016 and aims at implementing complementary arbitrage strategies in Europe, America and Asia to deliver absolute performance (index rebalancing arbitrage, listed dividends arbitrage, merger arbitrage, share class arbitrage, L/S factor investing and special situations). It had €47m of assets under management as of end of August 2017.
The Laffitte Diversified Return fund, launched on 9 August 2012, seeks an uncorrelated performance to equity markets by implementing complementary arbitrage strategies in Europe, America and Asia (index rebalancing arbitrage, listed dividends arbitrage and corporate actions arbitrage). The fund’s AuM totalled €29m as at 31 August 2017.
As for the Laffitte Risk Arbitrage Ucits fund, it consists of a merger arbitrage fund focusing on announced deals in Europe and in the United States. Launched on 12 August 2007, the fund had AuM of €278m as at end of August 2017.
The firm has recently appointed merger arbitrage expert Bertrand Dardenne as portfolio manager.