Stamford, Connecticut-based TQA Investors, LLC, launched a multi-strategy offering as of 1 January 2006, with USD 165 million under management.
The funds, TQA Vantage Plus Ltd. (offshore) and TQA Leverage Fund L.P. (onshore), were formerly pure convertible arbitrage funds. Their investment objectives have been changed to offer investors a flexible yet balanced multi-strategy approach, drawing on the 50 years of combined experience of TQA's managers in convertible bond arbitrage, capital structure arbitrage, event driven/merger arbitrage, directional long/short credit, distressed debt and long/short equities.
"Going forward, we think that TQA's growth will be driven by a multi-strategy investment discipline that delivers one-stop shopping across a multitude of uncorrelated strategies and asset classes" said Bob Butman, TQA's CEO. "We are excited about adding this new tactical asset allocation capability to our firm's current line up of outstanding single strategy funds."
The multi-strategy fund's objective will be to identify and actively allocate to the strongest investment opportunities among TQA's core relative value, event driven and long/short equity strategies to create a globally diversified, absolute return portfolio.
The fund is open to new investors with a minimum investment of USD 1 million, with fees at 1.5 per cent/ 20 per cent with a high-water mark. The fund is also listed on the Irish Stock Exchange.
TQA Investors, LLC, was founded in 1996 as a spin-off from Franklin/Templeton. In addition to the new Multi-Strategy offering TQA boasts five other investable products: Global Convertible Arbitrage, Credit Long/Short, Global Event Arbitrage, U.S. Equity Long/Short and Long-only Convertibles. The firm presently has approximately USD 500 million in assets under management.
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