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Another Rich Guy

Another
Rich Guy

Speedmoney

How’s
this for a headline: Polygon’s Alex Jackson Steps Down to Race
Sailboats
. Nice work if you can get it. Jackson is the owner
of the monster 100′ Speedboat, and while the headline looks envious,
there is just a bit more to the story:

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.

Based
in New York, Jackson, 42, was in charge of Polygon’s credit- and convertible-arbitrage
investing, the industry’s two worst-performing strategies this year, according
to data compiled by Hedge Fund Research Inc. in Chicago. Polygon Global
Opportunities Fund has lost about 4 percent in 2008, according to investors
in the fund.

Jackson,
who didn’t return phone calls seeking comment, plans to spend time racing
sailboats, according to people familiar with the situation. His decision
to stop managing money was reported earlier today by the Wall Street Journal
. Read
the story
.