Robert Schulman, the long-time CEO of Tremont Group Holdings, is stepping down from his post in favor of Tremont President Rupert Allan.
Schulman will remain the Rye, N.Y.-based firm’s chairman and continues to serve on its investment committee. He will also become president of Tremont’s $3.5 billion single-manager division, Rye Investment Management.
“The growing size and complexity of our single-manager business requires dedicated leadership,” Schulman said. “With Rupert embracing the presidency of the organization as quickly as he has, and accelerating Tremont’s transition towards a fully discretionary model and true global business organization, I have the ability to relinquish my day-to-day responsibilities with Tremont Capital Management and focus on the continued build-out of our select manager series of products.”
Allan became president of Tremont, the fund of hedge funds affiliate of OppenheimerFunds, in January 2006 after running the firm’s London office.