Halcyon Asset Management has grabbed its new finance executive from the sinking ship that is Bear Stearns.

Jerry Bailey has joined the $11 billion multi-strategy hedge fund, which is preparing to go public in the third quarter, as vice president of finance and operations. The firm has also hired Suzanne McDermott, a former assistant U.S. attorney prosecuting securities fraud cases, as deputy chief compliance officer and senior counsel.

Bailey most recently served as a senior advisory director at Bear’s private equity group, Bear Stearns Merchant Bank, covering the financial technology sector.