GLOBAL - Robeco, the asset management arm of Rabobank, has named Michael Abbott as chief executive of its fund of hedge funds group Robeco-Sage Capital.
He takes over from Ron Tauber who will remain as a consultant along with the firm's other co-founders, Bob Friedman and Peter Levy. Founded in 1994, Sage was bought by Robeco in 2002.
Tauber, Friedman and Levy recently reached an agreement with Robeco to continue advising on Robeco-Sage's investment process and supporting its client relationships up to 2009.
Robeco also announced that the company has integrated its European and US fund of hedge funds strategies under the Robeco-Sage label with global fund of hedge funds assets of approximately $2bn.
"Robeco fund of hedge funds clients will continue to benefit from strong leadership, client focus and a strong asset base," said Robeco Group CEO George Möller.
"The expansion of the firm's management role reflects the culmination of a well planned succession process. We are certain that Michael represents the next generation of management who will continue to deliver the excellent investment results that Robeco clients have come to expect."