LONDON | Thu Jan 13, 2011 4:39am EST
LONDON (Reuters) - Hedge fund firm Polygon Investment Partners hired
its first ever chief executive to lead the restructuring of its
business following big losses in the credit crisis and the decision to
wind down its main fund.
Polygon, which managed $8.5 billion (5.4 billion pounds) before a 48
percent loss in its flagship fund in 2008 helped push assets down as
low as $3 billion, hired Jorge Villon as CEO and partner, it said in
a statement.
The move will allow founder and partner Paddy Dear to focus on
strategic initiatives, while Reade Griffiths will continue to devote
most of his time to fund management, a source familiar with the
matter told Reuters.
Villon was formerly the chief executive of MKM Longboat, where Mike
Humphries, who now manages Polygon's convertible arbitrage fund,
previously worked.
Hiring a chief executive who focuses on managing the business rather
than running a fund has become increasingly common for medium and
larger-sized hedge fund firms, where the founders often want to spend
their time running money.
Polygon has been trying to reinvent itself since the crisis and now
manages $5.5 billion in assets across a range of different funds.
Its European Equity Opportunity fund made more than 28 percent last
year while its Convertible Opportunity fund returned around 25
percent.
Meanwhile, its flagship fund, which began winding down after
investing in illiquid assets, is on track to be fully liquidated by
the end of the first quarter, the source said. (Editing by Sinead
Cruise and Sharon Lindores)
Source: Reuters.Com
