Alden Vets Launch New Credit Hedge Fund

Apr 25 2012 | 8:26am ET

Alden Global Capital vets Eli Combs and Jim Plohg have teamed with Matt Meehan to launch a hedge fund firm focused on global credit opportunities, particularly in Europe.

Combs, who will serve as president of the new Greenwich, Conn.-based firm MeehanCombs, was a founding member of Alden.

Plohg, who was general counsel and chief compliance officer at Alden, will serve as general counsel and chief operating officer at MeehanCombs.

Meehan, the former credit strategies portfolio manager at Eos’ credit opportunities funds, will serve as portfolio manager and CIO at MeehanCombs.

Combs has worked previously with both his partners; with Meehan and at Eos Partners, where Combs was a managing director from 2006-2007, and with Plohg at Alden.

Alden Global Capital was founded in 2007 as a division of Randy Smith’s family office (from which it has recently completed a formal split). Smith has a history of mentoring credit hedge fund executives who go on to build their own successful businesses—including Marc Lasry (Avenue Capital), Jim Bennett (James Bennett Management), Doug Teitelbaum (Bay Harbor Management) and Michael Weinstock (Monarch Alternative Capital).

In announcing his departure to Alden colleagues, Combs described the new venture as an opportunity “too exciting to pass up.”

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