Froley, Revy Hires Convertible Arbitrage Expertise.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--March 15, 2002 Froley, Revy Investment Company, Inc., one of the oldest and most highly regarded convertible bond managers, today announced the appointment of Michael Erich Revy as managing director and portfolio manager to develop and co-manage a convertible bond arbitrage arbitrage: see foreign exchange. arbitrage Business operation involving the purchase of foreign currency, gold, financial securities, or commodities in one market and their almost simultaneous sale in another market, in order to profit from price product for the firm. Mike brings over 10 years of buy-side and sell-side investment banking experience to Froley, Revy. After receiving his MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in International Finance in 1992, he joined Lehman Brothers' convertible bond desk, where he worked for six years. In New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Mike performed convertible research and built the firm's existing convertible risk management systems. In London, he put into practice many of his research and technology ideas. As a senior trader, Mike's responsibilities included trading all Far Eastern and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. convertibles, managing large asset-swap positions and generating new equity derivative In finance, an equity derivative is a class of financial instruments whose value is at least partly derived from one or more underlying equity securities. Market participants trade equity derivatives in order to transfer or transform certain risks associated with the opportunities. The last 4 years have been spent at Wechsler & Co. in New York, where he worked as a private banker structuring private equity deals, sought out trading opportunities and managed investments in various companies at the Board of Directors level. "Convertible arbitrage Convertible Arbitrage An investing strategy that involves the long position on a convertible security and a short position in its converting common stock. Notes: gives us the ability to provide clients with an investment product that is designed to provide higher returns than short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. Treasury bills and low correlation to both the stock and bond markets," said Andrea Revy O'Connell, principal and managing director. "This product addresses the needs many clients have for a market neutral investment strategy and is a natural extension of our existing expertise in convertible bond investment management." Michael Revy adds: "Joining efforts with Froley, Revy will allow me to combine the quantitative aspect of a convertible arbitrage strategy with the depth of fundamental research that this firm has developed over the years. Collaborating with dedicated convertible portfolio managers and analysts provides inherent synergies to the overall investment process. The goal of our initial market neutral product will be to produce low volatility returns that significantly exceed a risk-free benchmark, such as 90-day T-bills, on an unleveraged basis." Founded in 1975, Froley, Revy Investment Company, Inc. is a leading convertible securities management company. The firm, with more than $2 billion under management, has been a major force in the evolving convertible securities marketplace across three decades. |
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