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15 Nov 2006

US Hedge Fund to parner with Investcorp

Bahrain-based Investcorp has formed an alliance with US hedge fund manager Silverback Asset Management, a convertible arbitrage-focused hedge fund in Chapel Hill, N.C.

The single manager hedge fund partnership will be run by Elliot Bossen, Silverback’s chief investment officer. Investcorp has approximately $5bn in assets under management, of which around $2bn is proprietary capital.

Mr. Bossen said in a statement that the partnership represents a return to Silverback’s roots of dedicated convertible arbitrage investing and gives it access to Investcorp’s substantial global base of clients.

This “will allow us to effectively manage our liquidity cycles while focusing fully on our top priority of generating superior returns for our investors,” he said.

In addition to its single manager platform, Investcorp has a fund of funds programme. Two other hedge funds that Investcorp has partnered with are Interlachen Capital Group, a multi-strategy firm, and Cura Capital Management, a fixed-income manager.

Silverback Asset management was launched in 2002, having over $237 million in assets this September, according to a filing with the Securities and Exchange Commission.

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