Hedge fund Gryfon Partners was absorbed into Ramius Capital, a $6 billion hedge fund based on New York. In the move, Gryfon's founders George Graham and William Grady will become managing directors and portfolio managers in the structured investment group. "Ramius Capital will provide us with the capital and the platform to continue, and also expand, the investment strategy we developed at Gryfon," said Graham. Graham and Grady founded Gryfon in 2002, after leaving their respective positions as co-heads of principal finance at Citigroup Global Markets. Prior to that, the pair ran the structured finance group at Citigroup.

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