Peter Randall has been replaced as chief executive office at Chi-X Europe by Mark Howarth. Mr Howarth, who will serve on an interim basis, was previously the chief operating officer for Asia-Pacific at Chi-X Global. Mr Howarth said he looked forward to developing the business’ technology and market model.
The funds of hedge funds industry has shrunk by 30 per cent in 2008, according to a survey from InvestHedge. The group’s figures showed that up until June 2008 the industry was worth over $1000bn (€790bn) in assets, but has since lost over $300bn. 27 funds of funds groups had either closed their businesses or seen their assets fall below $1bn in 2008. Editor of InvestHedge Niki Natarajan said that the industry had taken a serious beating, but said it was not on the brink of extinction.
