Michael Burton, the head of research at FRM Holdings, will leave the fund of hedge funds next month to join Marble Bar Asset Management.
Burton will serve as CEO of London-based Marble Bar, charged with rebuilding the firm's business, Financial News reports. Marble Bar has seen its assets dwindle from US$5.8 billion to less than US$1 billion over the last four years after it elected not to restrict redemptions during the financial crisis.
Burton will leave FRM on Aug. 1 after a decade at the firm. He's the first high-profile departure from the firm since its acquisition in May by the Man Group.