Pendragon Capital is coming back. The event-driven hedge fund shop closed last year after its flagship lost 40% in 2008 and founders Julian Harvey Wood and Kaveh Sheibani joined GLG Partners. But Harvey Wood and Sheibani chafed under GLG’s aegis, leaving the firm in February with plans to relaunch Pendragon anew.
The two plan to apply to the Financial Services Authority to start a new firm with the old name, and will launch a new hedge fund in the fourth quarter.
“I found it harder to work in a corporate environment after having done my own thing for 10 years,” Harvey Wood told Financial News.
GLG has since agreed to be acquired by the Man Group.
At GLG, Harvey Wood and Sheibani headed the event-driven team. They were replaced by another pair of hedge fund chiefs, Tisbury Capital Management’s Gerard Griffin and Gerald Lucaussy.
The new Pendragon is set to begin meeting with potential investors over the next few weeks. Harvey Wood told FN that he’d like to see the fund raise between US$250 million and US$500 million in its first year.