The Arbitrage Funds

Water Island Capital was formed in 2000 and soon thereafter launched its first product in the form of an open-ended mutual fund registered under the Investment Company Act of 1940, called The Arbitrage Fund. Adhering to founder John Orrico's vision and investment discipline, over the next decade the firm slowly added employees (several of which are now equity-owners) and product offerings. Today the independent, employee-owned firm manages more than $3 billion in event-driven strategies.