A slimmed-down RAB Capital has parted ways with its CEO.
Charles Kirwan-Taylor has left the hedge fund after leading its downsizing and delisting from London's Alternative Investment Market last year. Co-founder and chairman Micheal Alen-Buckley has now added Kirwan-Taylor's former responsibilities to his own.
"Charles did a great job of managing the process of downsizing," Alen-Buckley told Financial News, "but since we took the company private there was not the same need for an independent chief executive."
Alen-Buckley said that the once-US$7 billion firm hopes to rebuild its fortunes as a private company. Assets under management have stabilized at US$350 million, and RAB is sitting on more than £40 million in cash and reserves.
Kirwan-Taylor joined RAB less than a year-and-a-half ago, the firm's third CEO in as many years. He served as RAB's chief investment officer prior to taking the top job.