By Andrei Skvarsky.
Wermuth Asset Management, a German fund manager chiefly operating from Moscow, has parted company with its chief executive Maarten van den Belt, three months after another top figure in the relatively small company quit the firm.
Van den Belt, whom Wermuth hired as its CEO in July 2010, has been replaced by Michael Ludwig, who has been a principal in the company since its inception, according to a statement from the firm, which manages funds and advises on alternative investments in Eastern Europe, primarily Russia.
In summer this year John Winsell Davies, a top partner, left for a role with Moscow broker Metropol.
A year before, Wermuth, a Wiesbaden-headquartered firm that was nearly crushed by the global financial crisis in 2008 with its $1bn assets under management nearly halved, parted company with one more partner, Andreas Boesenberg, who joined VTB Capital as deputy head of private equity and special situations.
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