Marcia L. Page, co-founder and co-CEO/chief investment officer of alternative investments firm Varde Partners will become executive chairwoman effective Jan. 1 and George G. Hicks will become sole CEO/CIO, spokeswoman Deborah Kostroun said in an e-mail.
Ms. Page’s position is new. Her duties will include firm oversight and continued membership on Varde’s investment committee. She also plans to dedicate time to a number of efforts including those focused on women in the investment industry, a Varde news release stated.
“As a co-founder of Varde Partners, Marcia is a pioneer in the alternative investment management industry and an inspiration to women who work in — or are looking to enter — our field,” Mr. Hicks said in the release.
At the same time, Varde — which has $10 billion in assets under management — is opening offices in New York, Tokyo and Sydney as part of its strategic plan to expand its global investing platform across a range of asset classes. Last month, Varde Partners, Deutsche Bank and KKR completed the acquisition of GE Capital’s Australian and New Zealand consumer finance business.