Hedge fund administrator Conifer Securities has a new leader, as the firm has promoted Executive Vice President Jack McDonald, naming him its new CEO.

McDonald, who joined San Francisco-based Conifer in 2005 as EVP and head of sales, succeeds firm founder Phil Stapleton. Stapleton will remain the firm’s chairman, focusing on the firm’s expansion. Conifer has more than doubled its assets under administration over the past two years, and recently opened an outsourced trading desk in New York.

McDonald joined the firm, which has $5 billion in assets under administration, from UBS, where he headed its West Coast institutional equities business.