New CEO named at Rye-based Tremont
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- April
- 4
Tremont Group Holdings Inc., a Rye-based investment manager specializing in hedge fund portfolios, announced a change in top management.
President Rupert Allan, 45, will take on the added job of chief executive officer on June 1.
Allan, who joined Tremont five years ago, headed the company’s London office before becoming president of Tremont in January 2006. In his new job, Allan will oversee the company’s flagship Tremont Capital Management fund of hedge funds.
“Our goal is to significantly increase within the next two years the size of Tremont’s current fund of hedge fund assets under management,� Allan said. “Getting there means continuing to develop our excellence in discretionary investment management. It also means further expansion and development of our global presence, particularly in Europe and Asia.�
In addition to Rye, Tremont also has offices in London, Toronto and Hong Kong.
Before joining Tremont, Allan was executive director of the structured alternative investment team at Paris-based Societe Generale. At that company, he oversaw marketing alternative investment products. He also was a member of the investment committee that selected hedge fund managers.
Tremont, founded in 1984, has capitalized on the rapid growth in hedge fund assets in recent years. Hedge funds are usually restricted to rich individuals and institutions with at least $250,000 in assets. They attempt to produce stable returns in all types of investment climates through methods that are generally off limits to conventional mutual funds, including use of merger arbitrage, options and leverage.
Last year, assets in hedge funds rose 24 percent globally to $1.89 trillion, according to Institutional Investor News and HedgeFund.net.
Tremont said that it has increased earnings and revenues five fold since the company was sold to mutual fund giant OppenheimerFunds Inc. for $133 million in 2001.
Robert Schulman, Tremont’s current CEO, will step aside to become president of the company’s single manager division, Rye Investment Management, which has $3.5 billion in assets. Schulman, 61, also will remain as chairman of Tremont Group Holdings.
This entry was posted
on Wednesday, April 4th, 2007 at 2:27 pm by Jay Loomis.
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