Acuity Capital receives investment from JPMorgan incubator

New York, March 11 - Convertible hedge fund Acuity Capital Management LLC said it received capital from JPMorgan Incubator Strategies, a division of J.P. Morgan Partners, as part of a strategic partnership.

Acuity, based in Greenwich, Conn., is aiming to produce stable returns of 10% to 12% net of fees with an investment objective of preserving capital while "exploiting the systemic inefficiencies of global convertible securities markets."

David J. Harris and Howard Needle manage the convertible arbitrage portfolio.

Harris previously managed convertible sales and trading as a managing director and partner at Banc of America Securities and before that ran Bankers Trust's proprietary global convertible business, managing a $2 billion portfolio.

Needle previously managed a $300 million proprietary global convertible portfolio at Greenwich Capital. From 1998 to 2002 he was a managing director and partner at Banc of America Securities managing convertible sales. Prior to that he managed convertible sales at Bankers Trust.

JPMorgan's investment will be through JP Morgan Incubator Fund, a fund of funds set up in February 2003 and managed by JP Morgan Incubator Strategies. It is the incubator fund's fifth hedge fund investment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.