Investors are rushing to put money into merger arbitrage funds ahead of an expected recovery in dealmaking in spite of growing fears for the health of western economies.
After a dearth of M&A for much of the past two years, the first half of 2010 has seen a series of start-ups of hedge funds looking to profit from higher levels of takeover activity.
Europe's two biggest launches since 2008 – Tyrus Capital, which raised $800m for its fund, and Burren Capital, which raised $500m – are “event-driven” funds that aim to trade on potential deals.
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