The fund invests in companies involved in corporate events such as mergers or acquisitions on a global basis.
The fund invests in companies involved in corporate events such as mergers or acquisitions on a global basis. Focus is on larger companies where the company’s bonds and equities are both relatively liquid. This “event driven” strategy includes the three main sub-strategies of merger arbitrage, stressed credit and special situations, but the focus on liquidity means the book is biased towards merger arbitrage and special situations. The weightings among the three strategies is opportunistic, varying depending on where they perceive the best risk-reward.
We like this fund for its low volatility profile, in particular when compared to its peer group. The focus on events provides a shorter time horizon over which the highly experienced team know whether their ideas are working or not and is a differentiated rationale for investment by comparison to traditional equity strategies.
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Prior to founding PSAM, Mr. Schoenfeld was Vice Chairman of Schroder & Co. Inc. (together with its predecessors, including Wertheim & Co. Inc., “Schroder” – not to be confused with the British asset management company “Schroders”). PSAM assumed the event driven investment business of Schroder on December 31, 1996, including all the assets previously under the management of Schroder’s Event Arbitrage Department and substantially all of their professional staff.
Mr. Schoenfeld has over 40 years of event driven investing experience. During Mr. Schoenfeld’s career at Schroder, beginning in 1978, he managed proprietary trading activities and oversaw the arbitrage and convertible securities area, which included asset management for outside capital. Mr. Schoenfeld was also a member of Schroder’s Executive Committee and its Risk Management Committee. Prior to joining Schroder, Mr. Schoenfeld managed the arbitrage department of White Weld & Co. for six years as First Vice President
PSAM was founded by Peter M. Schoenfeld and has been providing services as an investment adviser since 1997. PSAM’s principal office is located in New York. The Investment Manager and its affiliates have organised P. Schoenfeld Asset Management LLP (“PSAM UK”) to provide general research services, investment advice and investment services relating to international event activities.
The firm manages approximately $2.2 billion in assets as of March 2016 in their multi strategy fund and dedicated M&A and credit sub-strategy vehicles).