Polygon Investments, a hedge fund launched by three high-flying hedge fund professionals late last year, has raised nearly $800m (€734m) in just a few months, according to market sources.

The firm, which is yet to start trading, was set up by Paddy Dear, former head of the hedge funds group at UBS Warburg, Reade Griffith, former head of European event driven trading and acting chief executive officer at Citadel, the $7bn US hedge fund founded by Ken Griffin, and Alex Jackson who was responsible for convertible bond arbitrage at Highbridge Capital, the $5bn US-based hedge fund.