Polygon, the London-based hedge fund firm led by Reade Griffith and Paddy Dear, is lining up two new fund launches as part of a shift away from the firm's multi-strategy origins towards a new single-strategy focus.
Griffith will himself run a long/short European equity fund, while former MKM Longboat founder and EuroHedge award-winner Michael Humphries will manage a global convertible fund.
Polygon is undergoing a significant restructuring as a result of the tsunami that hit multi-strategy funds in 2008. Faced with performance and redemption issues in the final months of the year, the firm made the decision to unwind its main multi-strategy fund and return cash to investors.
This decision was taken in the belief that, for the foreseeable future, the concept of a leveraged multi-strategy fund with strategies of...