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From Benedicte Gravrand, Geneva: Keith Pagan was one of the original managing directors of San Francisco-based Blue River Asset Management, which started the first-ever municipal bond arbitrage fund. He now runs Belvedere-based GEM Capital, which manages the first-ever municipal bond arbitrage funds of funds. Municipal bond arbitrage is a recent investment style, which is gradually being taken on board by the investment community. It remains however a relatively small universe.

The June edition of Institutional Investor News drew up a list of 20 ‘up-and-coming executives from around the world who are likely to impact the global hedge fund and alternative investment industry’; the rising stars in hedge funds (Source). Mr. Pagan was one of them: “It was a pleasant surprise,” he said. “The other (nominees) are quite impressive and I am certainly honoured to be considered to be part of their company.”

This is the first article of an Opalesque Exclusive series on these rising stars.

Between 1997 and 2000, Mr. Pagan structured investments using equity and credit derivatives with Merrill Lynch and Salomon Smith Barney; before that, he was a venture capital portfolio manager at BankAmerica. He talked to Opalesque about the principles of municipal bond arbitrage and where this investment style stands in the curre......................

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