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Marathon expands partnership by five executives

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Marathon Asset Management, the New York hedge fund shop founded by Bruce Richards and Louis Hanover, has expanded the size of its partnership by five senior executives. The firm, in a statement, described this expansion as a way to align its executives’ incentives with the firm’s long-term performance.

The firm’s recent performance has been less than stellar. According to an investor estimate, Marathon Global Equity Fund dropped more than 28% in 2008 through December 12, while Marathon Special Opportunities Fund and Marathon Overseas Fund declined more than 28% and 31%, respectively, through December 19.

The firm’s new partners are: