Convertible and event-driven funds give new lease of life

The two hedge fund strategies least likely to bounce back have been given a new lease of life, according to fund of fund managers. Issuance data suggests convertible bonds may have turned the corner, although one set of redemptions in September could still hit strategy funds. Coronation Fund Managers notes activity in convertibles "picked up significantly" in June, with $4.6bn of deals in the US, including $2.07bn for Metlife, complimented by e437m from CapGemini and SFR430m from Lonza Group. While credit concerns and equity volatility caused convertibles to start June on a "slightly we...