Team & Track Record

Who we are and what we do

Convertibles: A Well-Established Cheyne Strategy

Convertible bonds have been one of Cheyne’s main areas of expertise since the company was founded in 2000.

Cheyne’s first convertibles absolute return fund launched in June 2000.

Investment Expertise and Experience

The Convertibles Team is headed by Akin Akinloye who has been a principal member of the team since its inception and previously worked at Morgan Stanley with Cheyne’s founders Jonathan Lourie and Stuart Fiertz.

The team has over 50 years of investment experience.

Proven Track Record

Cheyne’s portfolio management team has over 17 years of track record in absolute return convertible bond investing.

Unique Approach to Investing in Convertibles

The team blends its use of long only and arbitrage strategies to suit market conditions.

Akin Akinloye – Head of the Convertible Bond TeamAkin Akinloye is Head of the Convertible Bond Team at Cheyne Capital Management (UK) LLP (CCM) and has been a principal member of the team since Cheyne’s inception with experience including the initiation and management of the first actively-managed convertible bond- backed CBO. Prior to Cheyne, Akin worked with Cheyne’s founders, Jonathan Lourie and Stuart Fiertz, at Morgan Stanley which he joined in 1994, initially as a repo trader on the bond financing desk and latterly as an analyst and assistant portfolio manager in the Morgan Stanley Convertible Bond Management practice where he had responsibilities in convertible bond and portfolio analytics. Akin graduated with a BSc (Hons) degree in Mechanical Engineering from King’s College London.Rufus Round – Portfolio Manager/Senior AnalystRufus Round joined Cheyne as a PM/Senior Analyst with the Convertibles team in March 2016. Prior to Cheyne, Rufus was a Partner & Portfolio Manager with Boston & Alexander LLP for four years, and was responsible for a number of different functions, including idea generation and research, strategy execution, investor liaison and risk management. Rufus began his career as a derivatives trader in 1996 at ED&F Man in London, and has since held other similar positions at companies such as Rabobank International, Louis Capital Markets and Marex Spectron before joining Boston & Alexander. He earned his BA in German and Russian from Exeter University in 1995.Nikos Kargadouris – Portfolio Manager/Product SpecialistNikos joined Cheyne as Portfolio Manager/Product Specialist with the Convertibles team in November 2016. Nikos has held a number of senior positions at banks and hedge funds including Founding Partner of Balliol Capital, a Credit Relative Value hedge fund, and Partner and Senior Portfolio Manager at Caxton Associate’s European spin out - Lucidus Capital Partners. He began his career as a market maker on the convertible bond trading desk at Lehman Brothers in 2003 and also spent three years as a Portfolio Manager at Convertible bond specialists Ferox Capital thereafter. Nikos earned his BA in Political Science & Public and Private Sector Organizations & Management from Brown University in Providence, Rhode Island, USA in 2003.Jonathan Purchase – Trade Administrator/AnalystJonathan Purchase joined Cheyne in 2014 as a Trade Administrator with the Convertibles team. Prior to Cheyne, Jonathan was an equity derivatives trading assistant at UBS Investment Bank, where he was responsible for the trade capture process, as well as the compilation and delivery of a number of projects and initiatives. Jonathan earned his BSc in Mathematics from Imperial College, London in 2011.

No assurance can be given that a particular individual will be involved in managing the structure for any given period of time

Proven Outperformance in Absolute Return Convertible Strategy

Cheyne Absolute Return Strategy1 Vs. Indices Since Inception
(Rebased to 100 from start date)

Cheyne’s convertible bond strategy has delivered higher risk-adjusted returns compared with the broader convertible bond market.

1. Figures are net of advisory and management fees and broker commission as of 31.07.17. Performance reflects the reinvestment of dividends and other earnings.
2. Annualised volatility is calculated using daily NAV data.
3. Sharpe Ratios are calculated using 12M Euro Swaps as the Risk Free Rate