Hong Kong hedge fund Double Haven hires Wells Fargo's Greg Donohugh as CEO
HK-based executive to lead Japanese spin-off Double Haven Capital after surge in assets
Greg Donohugh joined credit fund manager Double Haven Capital (Hong Kong) as chief executive after leaving his position as managing director of Asia securities at Wells Fargo, the world's most valuable bank.
Donohugh started earlier this month at the Hong Kong company that was spun out of Japanese asset manager Sparx Group, according to a statement from Double Haven.
He would lead efforts to formulate the company's strategic direction and raise capital, it said.
Double Haven hired Donohugh after assets almost tripled to more than US$635 million since the team left Sparx in October 2011, according to the statement.
Hedge funds have been under pressure from institutional investors to separate investment and operational staff to improve risk management after Lehman Brothers' collapse in 2008 and revelation of Bernard Madoff's Ponzi scheme.
"Double Haven, now with US$600 million of assets under management, is very much poised for growth," Donohugh said.