JPMorgan Chase last week gained quite a bit when its acquisition of Bear Stearns closed. But it continues to lose high-profile executives to the hedge fund world.

This time, it is David Persaud, the managing director who led its convertible bonds business, flying the coop. Persaud is joining London-based Ferox Capital Management, which has just launched a new US$100 million convertibles hedge fund.

“Persaud will work closely with the banks to identify new investment opportunities for the Ferox funds in both public and privately-offered convertibles,” Ferox CEO Jack Inglis said.