NEW YORK (HedgeWorld.com)–Para Advisors’ new chief operating officer, John Pagli, is focusing on new products as he spearheads the hedge fund shop’s expansion.

Mr. Pagli, who joined Para two months ago in the newly created position, said the event-driven manager was “looking at new products and areas, like structured products that will position us for strategic growth that will help us meet our achieve our growth-related goals.”

The hedge fund management veteran says his past experience in the industry will provide him a strong base to draw upon for his efforts at Para. Previously, Mr. Pagli was managing director for North American business development at New York-based Alpha Investment Management, and he had spent nearly seven years as head of business development and partner at Forest Investment Management, also in New York.

In his new role, Mr. Pagli will report to and work alongside Ned Sadaka, the founder and president of Para Advisors who worked at a Fairchild Corp. before founding Para in 1986.

Para’s existing funds include Para International Fund Ltd. and Para Partners LP. Both have an event driven bent and look for opportunities arising from mergers, restructurings, recapitalizations and spin-offs, as well as securities that are fundamentally undervalued. Value plays tend to wind up in core portfolio positions, which are augmented by typically shorter-duration opportunistic plays emerging from similar event driven scenarios, including distressed securities.

“In this environment, event driven and other hedge fund strategies in general face challenging markets. There are opportunities out there, but managers will have to earn their fees. For event-driven funds, intensive fundamental research and technical analysis are keys to doing well more now than ever,” Mr. Pagli said.