Kellner Capital, a hedge fund with a strong focus on merger arbitrage opportunities, is marking its 40th anniversary. Throughout its history, the firm has analysed roughly 10,000 deals, has achieved a deal completion rate of over 95 per cent, and generated 35 years of positive returns for investors.
The firm was founded by George Kellner in 1981, making it one of the oldest continually running hedge funds in existence. During its tenure, the firm has remained steadfast in its commitment to merger arbitrage as a core strategy, protecting investors from market risk and providing consistent returns. Kellner Capital has also continually expanded throughout the years having launched separately managed accounts as well as a mutual fund in 2012.
“Over the past 40 years, we’ve established a strong position as one the most recognisable and sought after merger arb funds, due to our ability to generate reliable and consistent returns for our investor base,” says George Kellner. “I am incredibly proud of the team that we’ve built and their devotion to making Kellner Capital what it is today.”
On average, the Kellner Capital team has more than 25 years of experience, with the current investment team together for more than 10 years. Due in large part to the team’s experience, the firm has been able to generate consistent and compelling returns while minimising exposure to the broader market. Kellner Capital counts many of the industry’s leading family offices and institutional investors among its clients.
“The Kellner Capital mission has long been to provide uncorrelated returns for our investors, with limited market risk,” says Chris Pultz, portfolio manager and head of merger arbitrage strategies for Kellner Capital. “Our extensive track record has proven this thesis over decades, and we are excited to continue moving forward, providing the returns that our clients have come to expect.”
“It’s been quite a ride these last 40 years,” adds Kellner. “The firm has successfully navigated numerous market crashes and corrections, and while the strategy has evolved since opening our doors in 1981, business isn’t slowing down. Deal activity this year is off to the best start since 1980 and we’re excited for what the future holds.”
