London-based asset manager New Star is getting a new alternative investments chief.

Donald Pepper will join New Star from Merrill Lynch International in September. He will lead its 10-member hedge fund team and oversee both its single-manager funds and funds of funds.

“Donald is a welcome addition to the hedge fund team and demonstrates the importance we attach to the growth of this area of our business,” New Star Chairman John Duffield said.

Meanwhile, another British asset manager is losing a top hedge fund manager.

Paul Findley, head of U.K. high alpha at Threadneedle, has resigned. Leigh Harrison will take over the high alpha team and Mark Westwood the U.K. Crescendo hedge fund until a permanent replacement is found.