Karlheinz Muhr has founded a new investment and financial risk management firm.

The firm, Cenario Capital Management L.L.C., New York, will market its services to insurers, pension funds, trusts, endowments, family offices and other institutional clients, organizers say.

Muhr is the co-founder and former chief executive of Volaris Advisors, a firm that focused on trading volatility as a separate asset class. The firm was acquired by Credit Suisse A.G., Zurich, in 2003.