09.08.2007 Opalesque Exclusive: Hedge fund Rising Stars revisited: Muni arb pioneer Pagan, master of 3 FoFs, says subprime shows triple-B rated muni better than triple-A rated corporate
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
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