Phil Tye exits DragonBack after Double Haven deal

Phil Tye, founding partner and managing director of DragonBack Capital, left the Hong Kong hedge fund platform last week, along with others, including investor services manager Carlotta Foo.

This follows the acquisition of DragonBack by one of the firms using its platform, Double Haven Capital Management. Prior to the deal, all the other funds on the platform were wound down, including Sharp Peak Capital Management and Tempus Investment Group.

Rob Lance and Katherine Quinn, chief executive and chief operating officer respectively, remain at DragonBack.

Foo’s next destination could not be ascertained, but a source close to her says she departed for reasons unrelated to the acquisition.

Tye recently assumed Hong Kong chairmanship of the Alternative Investment Management Association, and it is thought he is likely to focus on that.

“He’s certainly been approached about other positions – he’s well qualified to fit into almost any hedge fund CEO role,” says an executive at a hedge fund service provider in Hong Kong. “But I’d be surprised if he settles down into another post anytime soon.”

Tye could not be reached for comment, and DragonBack declined to comment.

His other roles included a stint of almost six years as CFO at PMA Investment Advisors, a Hong Kong hedge fund manager.

Before the acquisition, Double Haven had outsourced its operations, risk and other back-office functions to the team at DragonBack, and these will now all move in-house. The DragonBack team will join Double Haven.