Ionic Capital Management has launched a new convertible arbitrage fund, HFMWeek reports. The Ionic Convertible Master Fund, which has $100 million under management, focuses on high-delta convertible bonds that trade at discounts to listed equity volatility.
The portfolio comes after the launch of the Ionic Select Opportunities Fund to offer tail-risk protection. Former executives of JP Morgan-owned Highbridge Capital, Bart Baum, Adam Radosti and Daniel Stone are the portfolio managers for the fund.
