Richard Lightburn was named CEO of alternative money manager MKP Capital Management, a spokesman said.
Mr. Lightburn replaces founder Patrick McMahon in the role, who will now focus solely on the role of chief investment officer.
Mr. McMahon said in a telephone interview that the separation of those roles comes from the growth of the firm and the overall alternative money management industry, and the desire to provide clients “more of a singular focus by the two parts of the business.”
Mr. Lightburn, a principal and member of the investment committee, previously led MKP’s agency mortgage trading and global rates strategies. The current team of portfolio managers will take on his previous responsibilities and report directly to Mr. McMahon.
MKP Capital Management has more than $7 billion in assets under management.