UK- Morley Fund Management has appointed Peter Rains as head of alternative investments, in addition to his role of head of fixed income.

Henceforth Rains will be responsible for the alternative investment team of five as well as the fixed income team of 50.

In his new role, Rains will develop business plans to launch new investment trusts, promoting private equity and building hedge fund capabilities. He will continue to concentrate on sovereign debt, credit and high-yield investments.

Rains will report to Malcolm Le May, deputy chief executive officer and head of Morley’s European division, but will continue to report to Gerald Holtham, CIO, in his fixed income role.

Philip Manduca previously headed up the alternative investments team but left in August to launch his own hedge fund.

Morley manages £1bn in alternative assets.

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