Daniel Caplan was named CEO at alternative investment manager Sand Grove Capital Management, a spokesman said.
The role is new. Based in London, Mr. Caplan is focused on developing the firm's strategic vision and institutional relationships.
"I have worked with Danny for over 20 years, and I'm delighted he will be joining Sand Grove. His extensive network across the industry and years of experience will be invaluable as he focuses on developing a strategic vision for our next chapter of growth," CIO Simon Davies said in an email.
The firm, which focuses on special situations, has $2 billion in assets under management.
Mr. Caplan was previously Europe, Middle East and Africa head of prime sales at Citigroup. A spokeswoman declined to comment about his replacement.