(Bloomberg) -- Multistrategy hedge fund Paloma Partners hired former Brevan Howard Asset Management executive Pei Ng to become its chief financial officer, a role he will assume after the current CFO’s departure.
Ng joined Paloma as a managing director, according to a person with knowledge of the matter. The firm’s current CFO, Ted Hagan, is planning to retire, the person said, asking not to be identified because the details are private. At Brevan Howard, Ng had a finance officer role and reported to the firm’s global CFO, Duke Dayal.
A spokesman for Greenwich, Connecticut-based Paloma declined to comment.
Ng’s move marks at least the third CFO switch at a multistrategy hedge fund firm in recent weeks. Such firms are seeing assets swell with their operations and strategies growing more complex, making such roles a critical part of their business.
Kevin Byrne, the CFO of hedge fund Millennium Management, is leaving to join rival Balyasny Asset Management as the firm’s global chief operating officer. Point72 Asset Management has hired former Balyasny executive Jared Hade as its CFO, replacing Anthony Paquette.
Paloma, founded by Donald Sussman more than four decades ago, allocates capital to several investment teams. The firm has a history of backing hedge fund managers, including New York-based D.E. Shaw & Co. and London-based LMR Partners, and often gives them hundreds of millions of dollars to invest. Typically, the managers run the money exclusively for Paloma’s fund for several years before gaining the freedom to raise external capital.
©2024 Bloomberg L.P.
