Polygon Founder Sails Away

Jun 4 2008 | 1:27am ET

A founder of Polygon Investment Partners is trading the rough waters of the hedge fund world for what he hopes will be smoother sailing.

Alex Jackson will no longer lead the London-based firm’s credit and convertible arbitrage strategies, The Wall Street Journal reports. He will remain a partner of the firm, as well as a principal at Polygon’s publicly-traded debt fund, Tetragon Financial Group.

Jackson is reportedly stepping back to spend more time racing sailboats. His 98-foot sailboat, Speedboat, is among the fastest single-hull sailing vessels in the world. It is registered to compete in the 635-mile Newport Bermuda Open Class race, which gets under way on June 20 in Newport, R.I.

Jackson, who co-founded Polygon in 2002 after 10 years at Highbridge Capital Management, will certainly hope the Atlantic’s waters prove less rough than those currently battering hedge funds. Polygon, which manages US$6 billion, has been hit with US$1.5 billion in redemptions this year. The firm’s Global Opportunities Fund is down 4% this year, and Tetragon has lost about half its value since it launched last year.

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