Friday, 24 June 2016
Last updated 1 hour ago
Jan 12 2011 | 1:19pm ET
Polygon Investment Partners has hired its first CEO as it seeks to rebuild it business in the wake of the credit crisis.
The London-based firm named Jorge Villon to lead the business side. Villon joins from fellow London hedge fund MKM Longboat, where he was also CEO and which had previously given Polygon is convertible arbitrage manager, Mike Humphries.
Villon joins a firm that saw its assets under management drop by more than half before rebounding somewhat and was forced to shutter its flagship hedge fund after it lost half its value in 2008. His hire will move co-founder Paddy Dear to work on strategic initiatives and co-founder Reade Griffiths to focus on fund management.
“Polygon has evolved from a single-manager hedge fund business into a diversified alternative asset management firm with seven different operating businesses on its platform,” Dear said.
Polygon has already begun its comeback, seeing its assets almost double from a low of US$3 billion to US$5.5 billion. Its European Equity Opportunity fund jumped 28% last year, while its Convertible Opportunity fund rose by 25%, Reuters reports.