(Reuters) - Former partner at hedge fund Cheyne Capital, Michel Massoud, is preparing to launch his own hedge fund in the third quarter of 2015, three sources familiar with the matter told Reuters.
Massoud, who co-managed Cheyne Capital's event driven hedge fund, is setting up Melqart Asset Management in London and will launch a similar fund, the sources said.
Event-driven funds look to profit from corporate events such as mergers and acquisitions.
Massoud, who left Cheyne in March 2014 after more than nine years at the firm, plans to launch with a start-up capital of about $100 million, the sources said.