SAN DIEGO (HedgeWorld.com)–Context Capital Management launched its new offshore convertible arbitrage fund with US$6 million under management.
The Context Convertible Arbitrage Offshore Ltd. was seeded with proprietary money as well as outside capital from a number of investors including the New York-based Focus Group. The strategy follows a similar investment regimen to Context’s U.S.-based strategy, which has about US$10 million under management and began trading in February.
Context Convertible Arbitrage Offshore Ltd. is managed by Michael Rosen, the firm’s founder and the former president of the Rochester division of OppenheimerFunds Inc.
Mr. Rosen started Context earlier this year, coming out of a short-lived retirement that began in 2000. The management team includes portfolio manager James Abbott who previously ran a convertible arb strategy for Beverly Hills, Calif.-based SSI Investment Management and worked as a trader for JMG Capital Management.
The firm’s new offshore fund has a US$1 million minimum investment and a standard fee structure of 1% management and 20% incentive.