These days, convertible arbitrage managers can barely complete the first line of their pitch without investors heading for the door. The solid returns the strategy offered have faded as a result of capacity issues, the sharp decline in global volatility and fewer opportunities. But Axis Capital has managed to retain investors by finding a new niche within the strategy – Asia.
“It’s questionable whether convertible arbitrage in its true sense exists any more,” says George Philips, CIO at Axis Capital.
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