UK – Threadneedle Investments has named Lorin Gresser as head of its alternative investments business.

Spokeswoman Samantha Slator said that Grasser, previously head of strategy, would manage all aspects of the business except investment. She would not be replaced as strategy head.

Grasser, who joined the firm in 2000, will report to distribution head David Sachon. He said: “Our alternative investment business has become extremely important both in terms of gathering assets and growing profits.

He added that Threadneedle now has “well over” one billion dollars in hedge funds. “We already have further plans to launch new products as our existing funds are either closed or near to closing,” he said.

Last week parent company American Express said that its American Express Financial Corp. subsidiary has set up a global fund of hedge funds platform. The move came via through the integration of American Express Bank and American Express Financial Corp.’s fund of hedge funds businesses.

The new entity would be led by Geneva-based senior director Sam Perruchoud. Slator said the two announcements were not connected.

Meanwhile, Schroders said in a release that it has hired Stephen Greene as an investment analyst covering fixed income strategies and global macro funds. He was formerly with International Asset Management.

According to hedge fund market information company Hennessee, hedge funds returned 2.14% in January.