LONDON (HedgeWorld.com)--Old Mutual plc named John Ainsworth chief executive of its hedge fund of funds unit Bright Capital Ltd., consolidating the CEO position at Bright and sister company Old Mutual Asset Managers (UK) Ltd.
Mr. Ainsworth already was CEO of Old Mutual Asset, while Bright's former CEO, Ross Jones, is leaving the company.
The changes resulted from a decision by Old Mutual Group to combine the chief executive position for its two London investment units, said Matt Hollier, director of development at Bright. But those units will remain separate under Mr. Ainsworth's direction, and he will keep offices in both firms' operations, he said.
Mr. Hollier declined to discuss what Mr. Jones' future plans might be other than to say he will be pursuing other opportunities.
There were no other personnel changes made in the restructuring, he said.
Bright manages about US$500 million in funds of funds and has a number of new offerings under development, Mr. Hollier said. The company previously was called GNI Fund Management Ltd. .
Old Mutual Asset Managers also runs single-strategy hedge funds, he said. Officials at Old Mutual Asset couldn't be reached for comment.