Matthew Bianco was named head of risk by Arden Asset Management, according to a source with knowledge of the situation.
He replaces Alan Brik, who will leave the hedge funds-of-funds industry after an unspecified transition period. Mr. Brik was not available to elaborate on his plans.
Mr. Bianco was executive director of risk at Arden and will not be replaced, said the source.
Arden managed $10 billion in hedge funds of funds as of Feb. 28.