New York hedge fund Marathon Asset Management has named five of its top executives as partners of the firm, which manages about $10 billion.

Andrew Rabinowitz, the firm’s chief investment officer, and Richad Ronzetti, who heads global investment management and research, join Marathon’s founders, Bruce Richards and Louis Hanover, as partners. Also ascending to the partnership are Jon Halpern, head of real estate, Steve Kim, chief investment officer for Asia, and Adam Phillips, CIO for Europe.

“The expansion of the partnership is based upon each partner's contribution. Richard, Jon, Steve, Adam and Andrew have proven to be invaluable by demonstrating leadership, commitment and making contributions that certainly merits their ownership stake and inclusion into the partnership,” said Richards, who serves as the firm’s president and CEO. Hanover, Marathon's CIO, added: “Today's announcement marks the next step in Marathon's natural evolution. We have long intended to expand the partnership to reflect the collective leadership of our organization.”

Richards and Hanover founded Marathon in 1998.