The credit crunch has claimed the job of yet another hedge fund pro.
Alexander Jackson, who managed the credit and bond strategies for the once-highflying Polygon Investment Partners, is stepping down as chief investment officer. Reade Griffith, who’s in charge of event-driven strategies, will remain the fund firm’s sole CIO.
London-based Polygon is removing Jackson of his power to make investment decisions amid a flurry of redemption requests by spooked investors who have pushed assets under management down to $6 billion from a recent high of $8 billion.
While the firm’s master fund is down just under 5 percent for the year, investors say Jackson’s losing credit bets drove losses.
A spokesman for the firm dismissed the notion that Jackson’s departure was related to the redemption requests. Instead, it came after a month-long review into the business, which determined the firm was better off with just one CIO.
Jackson’s departure was “mutually agreed to” by the fund firm’s three managing partners, he said.
Polygon is expected to tell investors of Jackson’s diminished role as early as today in e-mails and through telephone conversations.
Today is also the deadline for investors to notify the firm if they want to pull money out. However, any actual withdrawals won’t take place until the beginning of September.
The 43 year-old Jackson, who’s based in the UK firm’s New York City office, will remain a partner of fund firm.