Union Bancaire Privée is adding the Cheyne Arbitrage Ucits to its U access (IRL) alternative Ucits platform, marking the fourth addition to the platform which claims about €700m of AUM.
The new fund, which is offered by Cheyne Capital Management (UK) LLP, is managed by Pierre di Maria, head of Event Driven Strategies, who has previously worked at Meditor, Highbridge and Lehman. As a Ucits fund, the strategy offers daily liquidity by combining a core yield component (Merger Arbitrage) with a more opportunistic component (Mixed Arbitrage). It is managed as a market neutral strategy, aiming for low market beta and uncorrelated exposure.
Known on the platform as the U Access (IRL) Cheyne Arbitrage Ucits, the fund joins existing offerings constituting, according to UBP:
▪ U Access (IRL) Trend Macro, a discretionary global macro strategy that employs deep fundamental analysis research techniques to capitalise on trends in both developed and emerging markets via investment in a range of liquid markets and instruments (fixed income, currencies, credit, equity indices);
▪ U Access (IRL) Electron Global Utility, a long/short equity strategy that seeks to generate superior risk-adjusted returns via dynamic and opportunistic capital allocations to take advantage of structural changes in infrastructure, utilities and alternative energy;
▪ U Access (IRL) Nexthera Ucits, a long/short equity strategy focused on the global healthcare sector with an emphasis on therapeutics that identifies investment opportunities (both longs and shorts) across market capitalisations and geographies based on thorough scientific and financial analysis.
Both Nicolas Faller, co-CEO Asset Management at UBP and Jonathan Lourie, co-founder, CEO & CIO at Cheyne Capital, suggested the strategy would suit the current environment, in which investors may seek liquidity amid changes to the market cycle, which may be seen to nearing its end.