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Investment firm Varde Partners appoints Singapore-based co-CEO
ALTERNATIVE investment firm Varde Partners has named Ilfryn Carstairs as co-chief executive officer (CEO), effective Jan 1, 2020.
Based in the Singapore office, Mr Carstairs will join George Hicks, co-founder and current sole CEO, at the helm as co-CEOs.
Mr Carstairs will retain his role as global co-chief investment officer (CIO). He is also a partner at the firm, and co-chairs the firm’s investment committee.
Mr Hicks intends to transition to an executive chair role in 2022.
The co-CEO appointment is part of Varde’s succession plan for a new generation of leaders to succeed the founders, Mr Hicks said.
Mr Carstairs has been based in Singapore since 2017. He joined Varde Partners in 2006 in London and played a key role in building the team and business in Europe and Asia, the company said.
Before being named co-CIO in 2017, Mr Carstairs served as co-head of corporate and traded credit, managing Varde’s liquid investing activities globally.
The company has regional headquarters in Minneapolis, London and Singapore, employing more than 300 people in total.
Varde manages US$15 billion in alternative investment strategies, including corporate and traded credit, real estate, mortgages, financial services, real assets and infrastructure.
The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients.
It was founded in 1993 by Mr Hicks, Marcia Page, who is currently executive chair, and Greg McMillan, who retired in 2008.