Michael O’Connell and his three-person investment team have joined hedge fund manager Paloma Partners.
Confirmation of the team’s move to Paloma came from two sources with knowledge of the situation who asked not to be identified.
The positions and titles at Paloma for members of the capital structure arbitrage specialist team could not be learned; Jonathan Gasthalter, a company spokesman, declined to comment.
The New York-based quartet formerly managed Pine River Capital Management’s $140 million Pine River Credit Relative Value Fund, which was closed in 2015, according to a client letter from Brian Taylor, founding partner, CEO and co-chief investment officer, which was obtained by Pensions & Investments in June.
Mr. Taylor’s letter focused on Pine River’s corporate restructuring, which involved rationalizing “our product offering and focus on core products. Over the past year we have announced the closure of some of our smaller and less scalable funds,” which included the credit hedge fund Mr. O’Connell and crew managed.
Patrick Clifford, a Pine River Capital Management spokesman, declined to comment on the move.
Paloma manages about $5.3 billion, and Pine River runs $10.7 billion.