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Riding the Curve

Fixed-income arbitrage is on the rise, thanks in part to the higher volatility that accompanies a steep yield curve.

Times are good — in some quarters. The yield curve has steepened, volatility has soared, and Mustafa Jama, chief investment officer at Morgan Stanley Alternative Investment Partners, a $12 billion fund of hedge funds, is happy to see it. For at least three years — through last summer — a

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