German Hedge Fund, CEO Part Ways

The CEO of German hedge fund Wermuth Asset Management is out, to be replaced by a longtime firm veteran.

Michael Ludwig will take the reins from Maarten van den Belt, Wermuth said. Ludwig has worked at Wermuth since 1999 and will take over as CEO by the end of the year.

Van den Belt spent just 16 months at the helm of the Russia-focused hedge fund. He joined the firm last year from VISA International in Moscow, which he served as head of Russia.

Wermuth currently manages about US$200 million, down from more than US$1 billion prior to the financial crisis.