Arrowgrass Capital was founded in 2008 by former Deutsche Bank traders. The fund’s founder CIO is Nick Niell. The other founders are Henry Kenner, James Barty, and Michael Sung Wook Chung. Arrowgrass Capital has offices in London and New York and manages more than $5 billion in three funds. The fund mainly invests in distressed assets, equity and fixed income special situations, and merger arbitrage. Nick Niell's Arrowgrass Capital has an annualized return of 8.2% since inception with an annualized volatility of 4.1%. The fund also returned 2.8% during the first half of 2014.