Avenue selects Ollwerther as COO

Robert Ollwerther was named COO at hedge fund manager Avenue Capital Group, effective April 7, according to a source familiar with the company. Mr. Ollwerther was COO of Merrill Lynch’s hedge fund development and management group. Lizzie Anderson, a Merril Lynch spokeswoman, did not return a call regarding Mr. Ollwerther’s replacement. Roxanne Donovan, an Avenue Capital spokeswoman, declined to comment or provide details.