Updated with correction
Michael Markowitz was named president at Horizon Cash Management, confirmed spokeswoman Meg Bode.
Mr. Markowitz replaces Pauline Modjeski, who left for personal reasons, Ms. Bode said in an e-mail. She did not have information on Ms. Modjeski's plans.
Mr. Markowitz will continue to serve as chief investment officer and partner. He reports to the management team, which consists of himself; Diane Mix Birnberg, founder, partner and chairman; and Jill King, partner, senior vice president and senior portfolio manager.
In his new role, Mr. Markowitz will focus on portfolio management and oversight of business operations, according to a news release.
Horizon manages about $2 billion in assets, specializing in cash management for the alternative investment industry.