Pendragon Capital, a 10-year-old London hedge fund, plans to move its event-driven fund to GLG Partners.

Pendragon was founded in 1999 and had more than $3bn of assets under management in 2007. In 2008 the fund was down about 40 per cent and four out of every five investors had asked for their money back, leaving Pendragon running only about $400m.

The move to GLG is subject to a vote by investors.