SOMERSET, N.J. (HedgeWorld.com)–Derivatives Portfolio Management LLC promoted Gus Rossi to vice president, controller, replacing Judy Yellin, who has taken a different position within the company.

Mr. Rossi previously was an assistant vice president dealing solely with tax issues. He will continue to oversee DPM’s tax department but also will take on the responsibilities of the controller, which include management of financial accounting and coordination of audits, according to a company news release.

Ms. Yellin is moving into a financial-reporting position, where she will deal primarily with daily net asset valuation, said Guy J. Castranova, DPM’s president and chief operating officer.

“Gus has a solid understanding of the hedge fund industry, and we are confident that under his leadership DPM will expand the coordination between accounting, tax and operations in order to deliver the highest standards of administrative service to our clients,” Mr. Castranova said in a statement.

Mr. Rossi said his goal is to make the year-end audit process “quicker and more efficient” for DPM clients.

DPM provides back-office services, including web-based investment accounting, trade reconciliation and fund administration services to clients comprising fund managers, proprietary traders, institutional investors and other asset allocators.

CClair@HedgeWorld.com