RAB CEO In Abrupt Exit

Sep 3 2010 | 12:54pm ET

In 2008, Stephen Couttie was brought in to turn around the fortunes of troubled hedge fund RAB Capital. Almost exactly two years later, he has abruptly resigned, raising further questions about the future of the firm, which has not seen the hoped-for turnaround.

RAB said that Charles Kirwan-Taylor, its chief investment officer, would succeed Couttie as CEO.

Couttie had been finance director at the firm, which once managed US$7 billion but now runs just US$1.2 billion, when he was tapped to replace founder Philip Richards as CEO. Richards had stepped down from the top post to focus on fixing its flagship Special Situations Fund. But, like the rest of the firm, Special Situations has yet to turn the corner.

At the end of July, RAB said that its pre-tax loss grew by 22% for the first half amidst continuing redemptions.

RAB said that Couttie left to pursue “interests outside the group” and called Kirwan-Taylor “ideally placed” to take over the firm.

London-based RAB has yet to announce a successor to Kirwan-Taylor as CIO.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note