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After the Fall

The hedge funds rebuilding the convertible arbitrage market bear little resemblance to those that perished in the downturn.

Michael Kao didn’t know it at the time, but changes that would soon decimate the convertible-bond market were just getting under way the year he launched Akanthos Capital. Kao founded the Los Angeles–based hedge fund in 2002 with a focus on three relative-value strategies: capital structure arbitrage, event-driven arbitrage and

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