SPECIALIZING IN EVENT-DRIVEN INVESTMENT STRATEGIES

For over 30 years, WCM has endeavored to deliver consistent, absolute returns through the disciplined execution of event-driven alternative investment strategies.

ABOUT THE FIRM

With a history spanning more than three decades, roughly $4 billion under management and serving more than 350,000 investors worldwide, Westchester Capital Management is one of the leading managers of event-driven investing.

Through an array of investment portfolios, we provide investors with strategies to invest in publicly announced event opportunities such as mergers, acquisitions, takeovers, spin-offs and other corporate reorganizations, with the goal of profiting from the timely completion of these transactions.

We have a proven track record of identifying profitable event-driven opportunities which has resulted in competitive risk-adjusted returns since inception. Since the launch of our flagship fund, The Merger Fund, in 1989, we have evaluated more than 10,000 potential transactions, and invested in over 4,500 corporate reorganizations, over 98% of which were completed.

Our current management team has worked together for more than 20 years. During that time our team has developed proprietary risk management tools to analyze, monitor and evaluate opportunities, particularly for the merger arbitrage universe.

Why invest with WCM?

Founders Roy Behren and Michael Shannon have worked together for nearly two decades, and through a variety of market cycles.

Portfolio managers Roy Behren and Michael Shannon have worked together for nearly two decades, and through a variety of market cycles.

We are committed to providing solutions that offer our clients the ability to reduce total portfolio risk and earn positive absolute returns.

At Westchester Capital Management, we are committed to providing solutions that offer our clients the ability to reduce total portfolio risk and earn absolute returns regardless of the direction of the markets.

We have carefully managed our firm to provide the experience, process and proprietary tools to meet investors’ needs:

Experienced and Stable Team

Roy Behren and Michael Shannon who lead our portfolio management team have worked together for more than 20 years through a variety of market cycles. Together they bring vast and varied experience to the firm.

  • Roy Behren was an enforcement attorney for the SEC before joining WCM in 1994. This background gives him a framework for evaluating the legal and regulatory merits of a potential transaction, including a deep understanding of merger agreements, proxy statements and other key regulatory filings associated with a corporate reorganization.
  • Michael Shannon started his career at J.P. Morgan in 1988 where he worked in the firm's corporate finance, mergers & acquisitions and equity research departments for eight years. He then joined WCM where he was Director of Research for nine years. After two years as Senior Vice President in charge of Mergers and Special Situations at D.E. Shaw & Co., he rejoined WCM in 2006.

Proven Track Record

We have a proven track record of identifying profitable event-driven opportunities which has resulted in competitive risk-adjusted returns since inception. View our historical performance here. Since the launch of our flagship fund, The Merger Fund, in 1989, we have evaluated more than 10,000 potential transactions, and invested in over 4,500 corporate reorganizations, over 98% of which were completed.

Risk Management Process

We seek to realize consistently high risk-adjusted absolute returns with low market correlation, while maintaining a primary emphasis on preservation of capital. We do not speculate on future takeover targets or invest based upon rumors. Ultimately, we seek to invest in those transactions that provide the highest risk-adjusted returns, not those that produce the highest returns without regard to potential drawdowns.

We have built a robust risk management infrastructure covering operational, manager, counterparty and market risk. Further, we have developed proprietary risk management tools to analyze, monitor and evaluate opportunities, particularly for the merger arbitrage universe.

Strong Alignment with Investor Interests

The firm's Principals and employees have a significant percentage of their investable assets in our funds.

Well Established Network of Global Resources

We believe our size and strong Wall Street relationships give us a competitive advantage and institutional access with respect to research, trading capabilities and sourcing hard-to-borrow securities.

 

Our People

A collaborative and collegial culture reinforces our cohesive team and encourages the open exchange of ideas, news and analysis in both formal and informal investment meetings. In this way, our strategic expertise has evolved over 30 years. Our firm is also supported by an institutional infrastructure focused on ensuring compliance and timely execution.

Managing Member, Portfolio Manager, Member Investment Committee
Managing Member, Portfolio Manager, Member Investment Committee

INVESTMENT MANAGEMENT TEAM


Head Trader and Research Analyst, Member Investment Committee
Analyst/Trader
Director of Research
Senior Equity Analyst & Director of Credit Research

BUSINESS MANAGEMENT & SUPPORT TEAM


Chief Operating Officer & Chief Compliance Officer
Managing Director, Head of Strategic Accounts & Investor Relations
Managing Director, Head of Business Development
Managing Director, Business Development
Associate Director, Sales and Investor Relations
Associate Compliance Officer
Director of Operations
Associate Operations Manager
Associate Operations Manager
Associate Operations Manager