• Paul Andiorio becomes Arrowgrass's head of U.S. credit
  • He joins other alumni of Boaz Weinstein's firm at Arrowgrass

Paul Andiorio, a former partner at Saba Capital Management, joined hedge fund Arrowgrass Capital Partners as head of U.S. credit, according to people familiar with the move.

Andiorio, who left Boaz Weinstein’s $1.6 billion firm in July after six years, will work with other former Saba employees at the U.K.-based hedge fund including Kevin Bell, said the people, who asked not to be identified because the move hasn’t been announced. Bell started as head of credit risk in August, one of the people said.

Andiorio didn’t return messages seeking comment. Nick Lord, a spokesman for Arrowgrass, declined to comment on the hirings.

Arrowgrass, run by former Deutsche Bank traders Henry Kenner and Nicholas Niell, is stocking its ranks with Saba alumni after losing several employees in its credit-trading group in April. The firm, which managed $4.8 billion at the end of last year, focuses on strategies including corporate distressed assets in the U.S. and Europe.

Andiorio was co-head of an internal trading group that Weinstein co-founded at Deutsche Bank. Weinstein left the bank to start his hedge fund in 2009 and Andiorio, who had previously worked at Goldman Sachs Group Inc., joined him.

Weinstein is seeking to rebuild his hedge fund after suffering from investor withdrawals and losses in the last three calendar years, leaving Saba’s assets down 70 percent from their 2012 peak. The New York-based firm has received more than a net $200 million from clients since April and its main fund has posted a gain of 7 percent this year through Nov. 20, according to a person with knowledge of the firm.

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