About Us

Linden was founded in May 2003 by Joe Wong and three members of the JP Morgan US convertible arbitrage desk. The firm has 45 employees with complimentary skill sets in trading, fundamental/legal research, quantitative analysis, and operations.

Investment Strategies

Linden’s objective is to generate superior risk-adjusted returns through three equity market neutral investment strategies:

The Convertible Strategy is primarily focused on convertible bond arbitrage, with the goal of capturing mis-priced equity volatilities or creating cheaply-priced synthetic puts. In addition, the Convertible Strategy focuses on mis-priced credit opportunities where we obtain long/short credit exposure to convertible issuers. We also invest in catalyst and event driven opportunities within global mid-cap convertible bond issuers such as buybacks, tender offers, debt for equity swaps and other balance sheet restructurings.

We invest in SPAC units, at or after the IPO, and trade or hold the shares and warrants that make up the units. Investors in SPAC IPO shares can get their initial investment back if they don’t like the SPAC’s acquisition target, but have the option to participate in the equity upside if the SPAC shares trade higher; in that way, investments in SPACs have a return profile that is similar to that of convertible securities.

The Credit Strategy invests in both arbitrage and directional trades across the capital structure of corporate bond issuers. This strategy also pursues opportunistic/catalyst trades resulting from corporate events. We invest in the entire credit spectrum: distressed, high yield and investment grade.

Our Offices

Linden has offices in New York, Hong Kong and New Jersey.