Pendragon Founders To Join GLG

Jan 20 2009 | 2:06am ET

A year and a half after balking at a similar move, the founders of hedge fund Pendragon Capital are joining GLG Partners.

Kaveh Sheibani and Julian Harvey Wood will join the London-based publicly-traded hedge fund giant within the next few months. The move comes in the wake of a disastrous year for Pendragon, which once managed more than US$3 billion but saw its funds lost about 40% last year. London-based Pendragon focused on event-driven strategies.

Much of what’s left of Pendragon’s assets will follow Sheibani and Wood to GLG. The firm’s investors will vote on that proposal.

Sheibani and Wood discussed joining forces with GLG about a year and a half ago, but decided they weren’t interested in joining a larger firm.

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