New management at Ivy

Ivy Asset Management, a $14 billion US-based fund of hedge funds, has named two new co-presidents and a new chief investment officer.

Founders Lawrence Simon and Howard Wohl, previously president and chief investment officer respectively, are stepping aside. Both will remain with the fund with the rank of vice-chairman, and will serve as "strategic advisers", the fund said.

Taking their places are the three members of the fund's strategic operating committee, Adam Geiger, Sean Simon and Michael Singer. Geiger, previously head of investments, will succeed Wohl as chief investment officer. Simon and Singer, previously head of client development and chief administrative officer, respectively, will take over as co-presidents from Lawrence Simon.

Singer will oversee finance, compliance, IT, human resources and administration, while Simon will be responsible for customer relations.

Ivy Asset Management was bought by the Bank of New York in 2000. It now operates offices in London and Tokyo, as well as its head office in Jericho, New York.