Thomas J. Hughes was named president and chief operating officer of Clinton Group, effective Nov. 1. Both positions are new for the alternative asset manager, which has about $8 billion under management for institutional and high-net-worth investors. Mr. Hughes will oversee the legal, compliance and strategy divisions at Clinton Group and will have responsibility for setting the strategic direction of the firm, according to a company statement.
Mr. Hughes was global head of Deutsche Asset Management until October 2004, when he went on a "sabbatical leave of absence to deal with pressing family matters," according to a statement from DeAM parent Deutsche Bank. Kevin Parker, head of equities at Deutsche Bank's Corporate and Investment Bank, last year was named Mr. Hughes' permanent replacement. Elaine Bartleet, a Deutsche spokeswoman, said last October that Mr. Hughes would return to the bank and he remained a member of Deutsche Bank Group's executive committee until June this year. Mr. Hughes said he decided not to return to Deutsche because he wanted to focus entirely on alternative investments and working with a U.S.-based money manager will mean less overseas travel, allowing him more time with his family.