The credit crunch has claimed the job of yet another hedge fund pro.

Alexander Jackson, who managed the credit and bond strategies for the once high flying, London-based Polygon Investment Partners, is stepping down as chief investment officer. Co-CIO Reade Griffith, who oversaw Polygon’s event-driven strategies, will become the firm’s sole CIO.

The move comes amid a flurry of redemption requests by spooked investors in the $6 billion fund. The master fund is down just under 5 percent for the year, but investors say Jackson’s losing credit bets drove losses.

A Polygon spokesman dismissed suggestions that Jackson’s departure was related to the redemption requests. Instead, his leaving came after a month-long review of the fund’s business and the conclusion that Polygon was better off with a single CIO.

The 43 year-old Jackson, who is based in New York, will remain a partner.