Steven Solmonson was appointed president of Park Place Capital. He will be responsible for day-to-day business, reporting to the hedge fund managers CEO and CIO Guiseppe Ciardi. Mr. Solmonson also will be responsible for building up the firms client base in the United States. The company plans to open an office in New York in the next few months. U.S. clients account for roughly one-third of the firms £313 million ($500 million) in assets under management. Before joining Park Place, Mr. Solmonson was president of Value Investing Partners, which would not comment on plans for his replacement.