Zazove Associates

Zazove Associates

Zazove Associates began managing convertible arbitrage strategies in the mid-1990s, an era when that asset class was still emerging from boutique hedge fund origins. The firm has focused on a long/short approach to convertible bonds, with an emphasis on hedging equity and credit risks to isolate alpha from the convertible premium. On the investment side, Zazove targets global convertible markets, with strategies that may include outright long positions, hedged convertibles, and event-driven trades tied to corporate finance catalysts like mergers, spin-offs, or debt exchanges. The firm has disclosed through its website and public filings that it runs a large institutional book, with clientele including corporate pension plans, endowments, and foundations. Known portfolio positions have spanned sectors such as technology, healthcare, and industrials, though specific holdings shift with market cycles. Zazove has been headquartered in the Chicago area for most of its history. While it remains relatively small compared to multi-strategy peers, its longevity in the convert space distinguishes it from newer entrants. The firm may have philanthropic ties linked to its principals, but no public record confirms dedicated foundations. Recent activities have not been publicly documented. Structurally, Zazove operates as a limited partnership and is registered with the U.S. SEC. The firm has maintained a focus on convertibles without branching into broad multi-asset or multi-strategy offerings, placing it among the few remaining specialist convert managers. This constrained mandate reduces style drift but also limits AUM growth relative to broader alternatives (per public record).