MONEY MANAGEMENT

Amundi appoints deputy CEO for alternatives business

Michael Hart joined Amundi’s alternative investment unit as deputy CEO and global head of business development, a spokeswoman said.

Mr. Hart replaced Franck Dargent, who left earlier this year, the spokeswoman said. However, his position slightly expands on Mr. Dargent’s role, she said. Further details were not available by press time.

Mr. Hart is based in London. Amundi’s alternative investments unit manages more than $11 billion of assets.

“At this point in time of our history, we needed a global senior hedge fund professional like (Mr. Hart) to raise Amundi’s position as a leading worldwide player in the alternative investment space,” said Laurent Guillet, CEO of Amundi alternative investments and the London office, in a news release.

Mr. Hart was previously global head of business development for hedge fund solutions at Aberdeen Asset Management. A spokesman said he had not been replaced, but his responsibilities had been absorbed by the solutions product specialist team, which was expanded following the Aberdeen’s acquisition of Scottish Widows Investment Partnership.