Hedge Funds

Sandell hires Bear risk arb heavyweight


Patrick Burke, a senior managing director and chief of international risk arbitrage at Bear Stearns, is leaving the firm to join Sandell Asset Management. At Sandell, Burke will also hold the title of senior managing director and will help manage Castlerigg Master Investments, the firm's flagship $3.2 billion global, event-driven multi-strategy fund.

The hire is big coup for Sandell. Burke was founder and chairman Thomas E. Sandell's successor at Bear, running international risk arbitrage there for six and a half years. And prior to joining Bear, Burke ran global risk arbitrage at Dresdner Bank.

Sandell is based in