Ilfryn C. Carstairs will be promoted to the role of co-CEO of Varde Partners, effective Jan. 1.
Mr. Carstairs, a partner at the firm, will retain his position as co-chief investment officer and will remain in the firm's Singapore office, spokeswoman Katherine Segura confirmed in an email.
The promotion is part of Varde's succession plan, a news release said. Mr. Carstairs will share the co-CEO role for two years with George G. Hicks, one of Varde's co-founders and partner, until Mr. Hicks retires from active duty and becomes an executive chairman in January 2022.
Mr. Hicks has served as the firm's sole CEO since 2016 when Marcia L. Page, a Varde partner, co-founder and co-CEO, retired from day-to-day operations at the firm and was named executive chairwoman.
"Transition is a process and involves the entirety of the firm. The roles Ilfryn and I play are just part of that process whereby a new generation of leaders succeed the founders," Mr. Hicks said in the news release.
Mr. Hicks added that Mr. Carstairs joined Varde 12 years ago and "has grown as both an investor and a leader. His skills in both pursuits will enable Varde to continue delivering (results) for our investors and will help to ensure we maintain our strong culture long into the future."
Varde Partners manages $14 billion in alternative investment strategies, including credit, real estate, real assets and infrastructure.