Hong Kong based hedge fund Enhanced Investment Products (EIP) has hired Yvon Choi to develop the firm's convertible bonds and equity derivatives business. He reports to EIP CEO Tobias Bland.

Choi used to work at BNP Paribas and Nomura. He set up his own hedge fund called Middle Island Capital in 2008, but shut it down because of the turmoil and joined EIP.

The $25 million EIP Overlay fund was up 17.31% in 2008, in comparison to the MSCI Emerging Asia index which was down 54.09% in that period. The last two years of fund performance have produced a cumulative return of 44.18% and a Sharpe ratio of 1.63. The EIP Overlay Fund has a market neutral strategy abetted by a stock borrow arrangement from a sister index fund also run by EIP.

EIP launched its second hedge fund known as the EIP Aleph Fund late in 2008. The Aleph fund has a multistrategy approach, offering market neutral, relative value and volatility strategies.