UK – New Flag Asset Management, the specialist high yield asset manager, has appointed Robin Monro-Davies, one of the company’s founding investors, as executive chairman.

Monro-Davies will replace co-founder and CEO Pierre-Olivier Masmejean, who is stepping down to pursue other professional interests, though he will remain a director at New Flag as well as a major shareholder.

Monro-Davies joins from ratings agency, Fitch AMR, where he was CEO for the last four years.

New Flag is a dedicated high yield asset manager, targeting predominantly continental European investors and Monro-Davies’s appointment is said to fit perfectly with this strategy.

Says Anton Smith, chief investment officer of New Flag: “The whole team is delighted that Robin has agreed to take this position, especially given the rare insight into European credit trends that he has garnered in his past capacity at Fitch.”