Talk:Cheyne Capital Management

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Cheyne Capital is a London-based alternative asset manager. The firm launched its first fund in 2000 and today specializes in Real Estate Debt, Social Property Impact, Corporate Credit, Convertible Bonds, Event Driven Investing and Equities.

The Cheyne group currently employs approximately 150 people with its offices in London, Switzerland, Bermuda and New York.

The firm's co-founder, Stuart Fiertz, was a member of the 14-person Hedge Fund Working Group, which devised best practice policies regarding financial valuation, transparency, and risk management.[1][2] Those guidelines evolved into what is now the Hedge Fund Standards Board, a self-regulatory body of which Cheyne is a member.[3] It is also a member of the Alternative Investment Management Association (AIMA)[4], the global representative of the alternative investment industry. In April 2014, Stuart Fiertz was appointed as a Director of the AIMA Global Council and is Chair of AIMA’s Alternative Credit Council, a committee of alternative asset management firms which are financing the real economy. In 2003, the company signed a three-year contract with Mark-it Partners for the daily supply of credit derivatives swap data.[5]

History

The firm was founded in 1999 by Jonathan Lourie and Stuart Fiertz who are currently the CEO and CIO, and President of Cheyne Capital Management (UK) LLP respectively[6] and who had worked together at Morgan Stanley for nine years previously. At its launch it was authorised and regulated by the U.K. Financial Services Authority (FSA). In April 2015, Jonathan Lourie and Stuart Fiertz were awarded HFM Week’s ‘Outstanding Contribution’ Award.

Stornoway House

Cheyne Capital has been located in Stornoway House in London’s St James’s district since 2004, following its refurbishment in 2003 by Foster + Partners. The building was built for Conservative Prime Minister Lord Granville in the 1790s and was subsequently owned by government minister Lord Beaverbrook, who used the building to plan the production of aircraft for the Battle of Britain.

Strategies

Cheyne invests across the capital structure from the senior debt to the equity of corporates and real estate.

Real Estate Debt

Cheyne's Real Estate Debt team capitalises on opportunities in direct real estate lending, securitised European real estate debt (CMBS and RMBS) and selective special situations including CMBS workouts and loan-to-own investments. Cheyne has had a long-term focus on European real estate, launching its first real estate debt fund in 2009 and has since invested over $1.5bn in private credit opportunities. In March 2016, the firm announced the close of its third direct lending fund above its initial target.

Social Property Impact

In November 2014, Cheyne announced the launch of a Social Impact Property Fund which would invest in affordable property projects with a positive social impact, to help provide a solution to the UK housing crisis. It was launched with a seed investment from Big Society Capital and its first investment was in 2015 with Luton Borough Council to deliver 80 affordable homes in the town. In June 2016, the fund signed an agreement with the South Yorkshire Housing Association to build 219 flats on the Kelham Island site in Sheffield.
Dublin Controversy

In May 2015 Cheyne Capital were embroiled in a scandal involving an associate named D2 Capital in Dublin.

Inspectors working for the Irish Government removed some material from D2 Capital office while inspecting the general circumstances behind the assembly of a large site on a prominent Dublin Street by D2 Capital acting as a local agent for a proposed property development led and financed mainly by Cheyne Capital and in the assembly of which development site some 460 people lost their jobs in an long established Dublin Department Store named Clerys.[7][8] The Irish shopping centre received planning permission.

ProMadison7 (talk) 20:56, 10 January 2017 (UTC) ProMadison7

I have implemented the lead section suggestion, but I have decided to leave the rest to the members of the WikiProjects that watch this article. Note to reviewers: please change the parameter in the template from P to A once all requests have been implemented. jd22292 (Jalen D. Folf) (talk) 22:13, 15 July 2017 (UTC)

References

External links modified

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Request for help

We are Simkins LLP, a firm of English lawyers. We act for Cheyne Capital Management (UK) LLP (Cheyne), the subject of this article. This page contains damaging inaccuracies which we consider should be removed in order to more accurately reflect the factual position.

Our priority in writing is to ensure that the content of Cheyne’s Wikipedia page is accurate, and the facts are fairly represented. We wish to engage with the editors of this page in a manner that is entirely open and transparent.

Recently, there has been a pattern of behaviour by one User in particular (“87.8.17.143”) who has added false and defamatory sections to Cheyne’s Wikipedia entry.

Specifically, we draw your attention to the following points:

1.The new section headed: “Cheyne Vatican Investigation Mafia anti corruption task force”

The new section states (with our emphasis in bold):

“On October 1st 2019 the Vatican has ordered an investigation into a London transaction re finance by Cheyne capital, Mr Mincione turned to London hedge fund Cheyne Capital for refinancing. Vatican police and anti mafia task force opened an investigation. This month cardinals were left stunned when the Vatican’s own police raided the offices of the Secretariat — the central bureaucracy of the Holy See — to seize financial documents and computers, while five members of staff were suspended and Cheney capital with Athena capital accused of money laundering and fraud. Cheyne is also investigated for a similar transaction at hotel de la messardiere in St Tropexz (sic) where the organisation re finance a hotel.”

The User has purported to support this new section by referencing a Financial Times article published on 15 October 2019. However, the article makes no mention at all to allegations of money laundering and/or fraud and expressly states at the end that “there is no evidence to suggest that Cheyne Capital, which acted as a third party lender, is involved in the Vatican’s investigation into the property deal.” ()

Furthermore, whilst it is true that Cheyne provided financing in respect of Hotel de la Messardiere in St Tropez in June 2019, it is unaware of any investigation into that transaction generally nor specifically into its involvement. This part of the new section is therefore untrue and unsupported by references.

These inaccuracies demonstrate that the inclusion of this section is unjustified and warrants the removal of this passage in its entirety.

2.“Christopher Goekjian CIO at Cheyne formerly fined and banned from the FSA”

The new section states (with our emphasis in bold):

“Christopher Goekjian former partner at Cheyne was the CEO of CSFP. As such he was responsible for running CSFP and fined banned from the FSA for life for various frauds”

Mr Goekjian worked for Cheyne between 2009 and 2016. The fine was imposed on Mr Goekjian in 2003 in respect of events which took place between 1996 and 1998. Mr Goekjian was fined but has never been banned by the FCA and he continues to be FCA regulated today. The FCA Register has full details of the incident as well as the information on Mr Goekjian’s status as an active and approved regulated individual (). Mr Goekjian has not worked for Cheyne for three years and the information therefore refers to events which took place before, and about an individual who no longer, works for Cheyne.

Given the fact that the additions include untrue and unsupported new information which is causing our client harm we request that they are removed in their entirety with urgency. Furthermore, given that the false and defamatory content was all added by User “87.8.17.143” clearly without regard for Wikipedia’s policies on libel there is all the more reason for the new entries to be removed as soon as possible.

As stated above, it is our aim to engage with the editors of this page in a manner that is entirely open and transparent, whilst at the same time trying to ensure both that this Wikipedia entry is accurate and that Cheyne’s rights are not infringed in any manner.

Accordingly we would request that in addition to the above changes being considered, editors of this page are vigilant to the ongoing risk of inaccurate and defamatory changes to this page, and strive to maintain its truthfulness, neutrality and accuracy.

Jessica W Simkins (talk) 16:52, 25 October 2019 (UTC)

Jessica W Simkins I have converted your 'help me' to an 'edit request' and will allow others to evaluate it. I would strongly advise you to read no legal threats. While you have not made such a threat, you come close to the line by talking about defamation, rights, libel, and the mere fact that you are a lawyer and that a company representative did not make this request themselves. Using that language will make it more difficult for other editors to engage with you as they might fear legal action, and that would make it harder to address your concerns. This does not mean that you do not have a valid point(you might, I have no idea) but it could affect how you address it. If there is libelous information that you would like addressed as soon as practicable, instead of waiting for this request to be reviewed, please follow the instructions at WP:LIBEL. 331dot (talk) 18:10, 25 October 2019 (UTC)

I have reverted 87.8.17.143's changes to the article. That's a gross misrepresentation of the lone cited source plus unsourced content that, for all I can tell, is similarly made up. Huon (talk) 22:26, 25 October 2019 (UTC)

References

Edit request

Please change "The Cheyne group currently employs approximately 150 people with its offices in London, Switzerland,Luxembourg, Bermuda and New York City." to "The Cheyne group currently employs approximately 160 people with its offices in London, Berlin, Bermuda, Dubai, Dublin, Madrid, New York, Paris, Zurich, Sydney" <Source: https://www.cheynecapital.com/contact-us/>

In the table, please change "AUM US$7.2 billion (as of June 30, 2019)" to "AUM c. US$10 billion (as of June 30, 2021) <Source: https://www.cheynecapital.com/who-we-are/>

In the table, please change "Number of employees 150" to "Number of employees 160" <Source: https://www.cheynecapital.com/who-we-are/>

Suggest removal of "In 2003, the company signed a three-year contract with Mark-it Partners for the daily supply of credit derivatives swap data.[6]" as this is very old now and not a significant piece of information.

Suggest removal of "Dublin controversy" section as we believe this not an impartial entry and is also outdated and inaccurate. Cheyne exited this investment in 2018 and was never the employer of the staff who were made redundant pursuant to the administration order.

Thank you very much for your consideration. CheyneWikiEditor (talk) 16:31, 28 September 2021 (UTC)

Edit request

Please could the following updates be made to this page:

- In the table, please change AUM of $9.485 billion (as of 30 June 2021) to AUM of $11 billion (as of 31 March 2024) and please change 160 employees to 170 employees. Source (1) https://www.cheynecapital.com/who-we-are/, Source (2) https://www.pionline.com/alternatives/abu-dhabi-wealth-fund-makes-another-commitment-cheynes-real-estate-credit-program, Source (3) https://alternativecreditinvestor.com/2024/03/12/abu-dhabi-wealth-fund-ups-cheyne-capital-commitment/

- Please remove the second paragraph "Cheyne Capital's SIV "Cheyne Finance PLC"". This refers to a vehicle that was managed 17 years ago. It is one of hundreds of vehicles that have been managed by Cheyne over its 24 year history and it accounted for 1% of Cheyne's assets at the time.

- Please change "The Cheyne group currently employs approximately 160 people in its ten offices world-wide" to "They Cheyne group currently employs approximately 170 people in its 12 offices worldwide" Source: https://www.cheynecapital.com/who-we-are/

- Please change "Those guidelines evolved into what is now the Hedge Fund Standards Board, a self-regulatory body of which Cheyne is a member." to "Those guidelines evolved into what is now the Standards Board for Alternative Investments, a self-regulatory body of which Cheyne is a member". Source for name change: https://www.hedgeweek.com/hedge-fund-standards-board-becomes-standards-board-alternative-investments/

Thank you very much. WikiWN888 (talk) 09:31, 1 April 2024 (UTC) (Repeated below)

You will want to use the edit request template to draw the attention of other editors, see WP:ER for instructions. If you are associated with this company, that needs to be declared, see WP:COI and WP:PAID. 331dot (talk) 09:49, 1 April 2024 (UTC)

- In the table, please change AUM of $9.485 billion (as of 30 June 2021) to AUM of $11 billion (as of 31 March 2024) and please change 160 employees to 170 employees. Source (1) https://www.cheynecapital.com/who-we-are/, Source (2) https://www.pionline.com/alternatives/abu-dhabi-wealth-fund-makes-another-commitment-cheynes-real-estate-credit-program, Source (3) https://alternativecreditinvestor.com/2024/03/12/abu-dhabi-wealth-fund-ups-cheyne-capital-commitment/

- Please remove the second paragraph "Cheyne Capital's SIV "Cheyne Finance PLC"". This refers to a vehicle that was managed 17 years ago. It is one of hundreds of vehicles that have been managed by Cheyne over its 24 year history and it accounted for 1% of Cheyne's assets at the time.

- Please change "The Cheyne group currently employs approximately 160 people in its ten offices world-wide" to "The Cheyne group currently employs approximately 170 people in its 12 offices worldwide" Source: https://www.cheynecapital.com/who-we-are/

- Please change "Those guidelines evolved into what is now the Hedge Fund Standards Board, a self-regulatory body of which Cheyne is a member." to "Those guidelines evolved into what is now the Standards Board for Alternative Investments, a self-regulatory body of which Cheyne is a member". Source for name change: https://www.hedgeweek.com/hedge-fund-standards-board-becomes-standards-board-alternative-investments/

Thank you very much.

WikiWN888 (talk) 08:17, 7 April 2024 (UTC)

References

Request 1:  Done

Request 2:  Not done Your rationale does not justify that paragraph's removal: the article is also supposed to be a history of the company.

Request 3:  Done

Request 4:  Done

P,TO 19104 (talk) (contribs) 19:28, 23 June 2024 (UTC)

Hi, thanks for making those edits. Re Request 2, the article is not currently a representative history of the company while it contains just one reference to a small element of the company's history, which is from 2007. We thought it was easier to remove it so there were no references to the company's history rather than have one cherry-picked item. If you think the company's history needs to be included, please can you advise how this should best be populated in a more holistic and representative way? Many thanks WikiWN888 (talk) 11:28, 24 June 2024 (UTC)

Edit request

In the first paragraph, please change the second sentence to read: "The firm launched its first fund in 2000 and today specializes in real estate, corporate credit, strategic value credit, equity alternatives and multi-strategy solutions." Source: https://www.cheynecapital.com/investment-strategies/

The second paragraph is one item of Cheyne's history from 17 years ago about a vehicle that constituted 1% of the firm's assets at the time. Please either remove this paragraph or make the firm's history more balanced and representative by adding further information, such as:

- In March 2024, it was announced that Abu Dhabi Investment Authority (ADIA) had backed the ninth vintage of Cheyne Real Estate Credit Holdings (CRECH) with a commitment of £650 million ($831.3 million). Sources: https://www.reuters.com/business/finance/cheyne-capital-wins-investment-abu-dhabis-adia-real-estate-debt-fund-2024-03-12/; https://realassets.ipe.com/news/cheyne-capitals-real-estate-credit-strategy-secures-adia-backing/10072169.article

- Social impact advisory firm, The Good Economy, considers Cheyne Impact Real Estate's model to be a "best-in-class approach to accelerating the supply of affordable housing, as it does not require government grant funding and exceeds the planning requirements of Section 106 housing." Source: https://www.linkedin.com/posts/the-good-economy_social-impact-report-ciret-2024-activity-7236687247314485248-foIx?utm_source=share&utm_medium=member_desktop

- Cheyne's memberships and affiliations include: GAIN UK, SEO London, Diversity Project, Academy of Real Assets and basis.point. Sources: https://www.gainuk.org/sponsor; https://www.seo-london.org/our-sponsors; https://diversityproject.com/diversity-project-member/; https://www.acadrealassets.com/members-overview/; https://www.basispoint.ie/patrons/

In the third paragraph, please update from 170 people to 180 people. Source: https://www.cheynecapital.com/who-we-are/

In the table, please update from 160 employees to 180 employees and from US$11 billion to US$12 billion as of 30 September 2024. Source: https://www.cheynecapital.com/who-we-are/

Many thanks for your help. WikiWN888 (talk) 15:33, 30 September 2024 (UTC)