Paul Jeffries was named head of U.K. institutional business at hedge fund of funds Permal Group, effective June 1, confirmed spokesman Alastair Crabbe.
The position is new. He will report to Roberto Giuffrida, executive vice president and co-head of global business development.
Mr. Jeffries is an investment manager at Railpen Investments, where he runs the £8 billion ($11.4 billion) global equity multimanager portfolio. A search has begun to replace him, Railpen spokeswoman Catherine Paterson said in an e-mail.
Railpen manages assets for the £20.4 billion Railways Pension Scheme, London.