With the departure in August of the recently hired Philip Manduca, Morley Fund Management has announced that Peter Rains, the firm's head of fixed income investment, will also now be head of alternative investments too.
Morley appointed Manduca in May 2002 as it sought to increase its involvement in alternative asset classes but the former head of asset management at Dexia BIL left a few months after to set up his own hedge fund.
The firm is a long standing investor in private equity, having made commitments since 1987 under the guidance of head of private equity, Sue Scollan.
Rains will now report to deputy CEO Malcolm Le May, who is head of the company's European Division, as well as to his existing line manager Gerald Holtham, who is Morley's chief investment officer. Rains has also become a member of Morley's European management committee.
The company says that its alternative investment division, which includes both hedge and private equity funds and investment trusts has over €3.2bn in assets under management. Le May said at the time of Manduca's appointment: 'The growth opportunities presented for having a robust alternative investment business is amply illustrated by the fact that this asset class still only occupies some 2% of total global funds under management.'
Morley, which manages a total of €166bn in assets, is part of the CGNU Group.