Joseph Oughourlian and Michel Brogard are co-founders of Amber Capital Investment Management. Amber Capital is an event-driven hedge fund. Oughourlian headed the Equity Arbitrage Proprietary Trading Desk at Société Général between 1997 and 2001. Initially Amber Capital operated as the asset management arm of SG Corporate & Investment Banking. New York City-based Amber Capital was launched in 2005 as an independent entity. Amber mostly invests in value stocks, mergers, spin-offs, and takeovers. About one third of its investments are in the U.S. and the rest is in Europe. In 2007, Amber managed $7 billion at its peak. Oughourlian and Michel Brogard, Amber’s other co-founder, has averaged 12% annually between 2001 and early 2009.