Advent Capital Strategies

President and Chief Investment Officer Tracy V. Maitland founded the firm in 1996 and continues to lead the investment team. Maitland previously ran the convertible securities department at Merrill Lynch, a focused background that defines the firm's specialization. The investment committee operates under Maitland's oversight, and no public succession or co-CIO has been named.

Advent operates as a hybrid. It manages hedge fund vehicles executing convertible arbitrage and long/short credit strategies while simultaneously running registered closed-end funds and long-only mandates. This straddle—hedge fund economics alongside '40 Act fund obligations—is unusual for a firm of its scale and focus.

No evidence suggests Advent Capital Management allocates to external private funds or participates as a limited partner. The firm's mandates are internal, research-driven strategies executed by its own investment team. It does not appear to function as a multi-family office or fund-of-funds allocator.

Advent participates directly in convertible new-issue markets, which rely on relationships with underwriting banks and corporate issuers. The firm combines this primary-market access with secondary-market trading across global convertibles. Its concentrated footprint means deal flow is heavily dependent on the maintained relationships Maitland and his team built since the 1980s at Merrill Lynch.

Advent is primarily a liquid credit and convertible securities manager. While convertible bonds themselves can occasionally be issued by private companies, the firm's public filings and fund structures emphasize traded, frequently settled instruments. It does not market a private credit, direct lending, or distressed-for-control strategy to allocators.

The Advent Convertible and Income Fund (AVK) is a publicly traded closed-end fund subject to '40 Act regulations, offering daily liquidity to retail and institutional shareholders. In contrast, Advent's hedge fund vehicles impose lockups, charge performance fees, and can use more leverage. Both share the same underlying research engine but differ materially in terms and investor base.

Advent focuses on the U.S. convertible market but participates in new issues and secondary trading globally, including in Europe and Asia. The firm does not maintain disclosed offices outside New York, relying instead on cross-border market access through its prime brokerage and sell-side relationships.