Friday, 24 June 2016
Last updated 1 hour ago
Sep 20 2011 | 12:32pm ET
Schroders' head of hedge funds has left the firm and will be replaced by the firm's U.K. institutional business chief.
Marc Romano resigned after two years at the helm of NewFinance Capital, which Schroders bought in 2006, for personal reasons. He'll be replaced by Miles O'Connor as CEO, Financial News reports. O'Connor will remain head of U.K. institutional business.
In addition, Marc Hotimsky, a co-founder of NewFinance who served as chairman and investment chief at the unit, plans to step down from those posts in the fall. Instead, he'll move into a part-time position.
David Mooney will replace Hotimsky as investment chief and Benjamin Moute as head of investment. The former is currently head of commodity products at NewFinance. Both men, along with head of multi-asset investment and portfolio solutions Nico Marais, will join NewFinance's board.
"I believe NFC can benefit from greater access to the resources of our global distribution team and I want to help that process along," O'Connor said. "I also believe that mainstream investors will increasingly want to access hedge fund products, and Schroders is providing a kite mark of quality for NFC products in that respect."