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Caspian's new chief

Amid speculation about how emerging markets specialist Caspian Securities is faring, a new chief executive is to replace its founder, Chistopher Heath.

Tony Walton, a veteran of Chase and Westpac, who most recently ran his own boutique, has taken the helm.

But senior Caspian sources stress that these management changes have been planned for a long time, and were necessary because Heath wants less of a day-to-day administrative role. "There is no connection between this and recent market volatility," says one, adding that Heath will remain involved with client relations and strategic development, and his equity position as the largest management shareholder will not change.

Caspian increased its capital base to $240 million with a $80 million rights issue last December. Brian Caplen

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