George Graham and William Grady have joined Ramius Capital Group, a New York-based hedge fund with $7 billion in assets under management, effective at the start of the year. The pair, which jointly founded Gryfon Partners in November 2002, become managing directors and will run a new investment unit, named RCG Resolution.

RCG Resolution will focus on special opportunities in collateral assets, as well as distressed securities. RCG Resolution aims to be involved in spaces in the market where CDOs currently aren't, indicating distressed assets and below investment-grade securities.

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