We mourn the passing of
Robert E. Zoellner
(1932-2014)
Founded Alpine Associates
with his wife Victoria in 1976

~

Bob was a true pioneer in the merger arbitrage business, a wonderful teacher and an inspirational leader. We will miss him dearly.

Bob was a man of vision, passion and compassion who lived for teamwork and camaraderie. His legacy will live on through the close-knit, outstanding team of seasoned professionals he mentored at Alpine Associates.

Merger Arbitrage

Alpine’s primary strategy is merger arbitrage, focusing on transactions with definitive merger contracts. Throughout the Firm’s history, arbitrage has never had a losing year.

Merger arbitrage is an extremely robust strategy that has been consistently profitable, exhibited low volatility, and benefited from rising interest rate environments.

Since the typical M&A transaction is completed in a few months, an arbitrage portfolio is constantly self-liquidating. As a result, arbitrage adjusts quickly to changes in the investment climate.

Merger arbitrage also includes event-driven situations, such as:

  • Stocks with activist investor-driven catalysts
  • Bidding wars
  • Hostile bids
  • Majority shareholder buyouts
  • Recapitalizations and partial tenders
  • Spin-offs and restructurings

Long/Short Equity

Alpine has engaged in long/short equity trading since 1976.

A major part of the Firm’s trading business involves positions relating to merger transactions, where Alpine seeks to take advantage of market dislocations caused by mergers and other extraordinary corporate transactions and events.

Alpine also engages in general long/short equity trading, building on our arbitrage research together with technical and fundamental analysis.

Convertible Arbitrage

Alpine’s convertible arbitrage strategy involves purchasing convertible bonds and preferred stocks and hedging these convertible securities with short positions in the underlying common stocks. Alpine seeks to generate income from the positive yield differential between a convertible security and its underlying common stock plus the rebate income produced from the short sale of the underlying common stock.