BRUSSELS (HedgeWorld.com)–Gavin Caldwell, founder and chief executive of KBC Asset Management Ltd., will retire at the end of September to be replaced by Sean Hawkshaw, the company announced.

KBC Asset Management is a subsidiary of KBC Bank & Insurance Holding N.V. and the parent of KBC Alternative Investment Management Ltd. KBC Alternative manages two convertible arbitrage hedge funds, the KBC Convertible Arbitrage Fund and the KBC Convertible Opportunities Fund, both domiciled in Ireland Previous HedgeWorld Story.

Mr. Hawkshaw will not be moving to Brussels when he assumes his new title but will remain where he presently works, in the Dublin, Ireland office of KBC Asset.

Mr. Caldwell founded an asset management company in 1980 and remained its head after it was acquired by KBC in 2000 and became KBC Asset Management.

“I have decided that the time has come to seek some new challenges,” Mr. Caldwell said in a statement Tuesday. “There have been many radical changes in the asset management industry over the last couple of years, and I have increasingly been drawn away from the core investment and development side of the business, which I like the best.” He added that he was sure he was leaving the company in good hands.

CFaille@HedgeWorld.com