After a bruising year, Philip Richards is stepping down as CEO of RAB Capital.

He will be succeeded by Stephen Couttie, currently finance director, RAB said yesterday.

Richards, a co-founder of the firm, will remain with RAB as an executive director. He will also continue to manage the firm’s flagship US$1.4 billion RAB Special Situations Fund, which is down by more than one-third this year, as well as its US$210 million RAB Global Mining and Resources Fund.

Since the beginning of the year, RAB’s assets under management have plummeted 18% to US$5.9 billion as of the end of June.