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AI market round up: Tremont to expand core businesses

As of June 1, Rupert Allan, president of Tremont Capital, will be taking on the role of CEO.

Current CEO Robert Schulman will be focusing on developing the firm’s single-manager business, Rye Investment Management. Allan says the firm has been streamlining to focus on its core fund of hedge funds business and the single-manager business, and hopes to increase fund of hedge funds assets under management from $5.9 billion to $10 billion over the next three years. Tremont sold off its hedge fund insurance business to Argus Group at the end of 2006, and its database, Tass, to Lipper in March 2005.

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