GLG hires Pendragon founders

UK hedge fund GLG Partners is hiring the founders of smaller firm Pendragon Capital in a move that signals how the tricky markets are making it increasingly tough for small managers to go it alone, reports the WSJ. Emmanuel Roman, GLG’s co-chief executive, said the firm will hire Pendragon founders Kaveh Sheibani and Julian Harvey Wood, who specialise in making bets on merger deals and other corporate events. Much of the few hundred million dollars in assets Pendragon manages is likely to follow Sheibani and Harvey Wood to GLG, pending the approval of Pendragon investors. The move marks a reversal for the Pendragon founders, who held discussions with GLG about a year and a half ago but were not interested in joining a larger firm.