BlueBay announces new fund management business

BlueBay Asset Management says it has hired Mike Reed to build a convertible bond business at the firm. Reed comes to BlueBay from Pendragon, where he was a partner in charge of the company’s convertible arbitrage strategies. Prior to that he was a managing director responsible for international convertible bond trading at Salomon Brothers.

Reed will join BlueBay on 29 October. In the meantime the firm says it expects to make three more hires for the convertible bond business.

BlueBay says it is planning to run long-only as well as long-short strategies. Convertible bond arbitrage adds a fourth business alongside BlueBay's fund management activities in investment grade corporate bonds, high yield and distressed securities and emerging market debt.