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Ucits convertible bond fund attracts EUR805m

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A Ucits convertible bond fund launched by Jabre Capital Partners, the multi-strategy hedge fund led by Philippe Jabre, and Swiss private bank Pictet has attracted commitments of EUR805m.

It marks the biggest debut ever in the rapidly expanding Ucits hedge fund sector.

The PF (Lux) Convertible fund launched on 1 February and closed just a week later. It has received around EUR760m to date with the additional commitments to come.

The fund is charging a 20 per cent performance fee with no hurdle and a high water mark. Pictet appointed Jabre to manage the fund in January.

The allocations have come from Pictet’s European private clients and institutional investors. The fund is the not the first Ucits convertible bond fund to operate with an absolute return mandate, but it is the largest offering in the strategy.

Jabre, who has pledged that this will be the only convertible bond fund he will run, has over 25 years of experience in managing absolute return funds, including hedge funds and long-only funds. He launched Jabre Capital in Geneva after leaving GLG Partners in 2007. His flagship JabCap Multi-Strategy Fund returned 84 per cent in 2009, while the JabCap Global Convertible Fund returned almost 70 per cent.

Jabre Capital offers both alternative and traditional investment strategies as well as discretionary asset management for private clients. It currently manages nearly USD5bn and employs 50 investment professionals.

The new fund will invest globally with a non-benchmark approach and will seek equity-like returns with lower volatility. Its investments will be principally comprised of large-cap companies with about 80 per cent of the exposure split between Europe and North America, with 20 per cent in the rest of the world.

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