Hedge Funds

Marathon dismisses head convert trader


Amid continuing malaise in the convertibles market, Marathon Asset Management notified investors last month that it had let go convertible portfolio manager Dave Rich for what they said was administrative and performance-related reasons.

Louis Hanover, who co-founded the $3.3 billion New York shop with Bruce Richards, has stepped in to oversee the book, which will continue to be run by three hands-on managers based on geographical specialties - Jamie Raboy for U.S. converts, Scott Greenridge for European converts and Steve Kim for Asian convertible trading. All will report directly to Hanover as they did to Rich in the