His predecessor has been appointed Global CIO.

He oversees the firm’s boutique managers and its MainStay funds.

The combined entity, which will be named AS Birch Grove, manages approximately $5 billion in assets across an opportunistic hedge fund, private credit vehicles, and par credit and collateralized loan obligation vehicles.

He will assume the role of president effective immediately, and succeeds the current ceo on Jan. 1.

Slowing economic recovery amid a resurgent pandemic is leaving emerging-market currencies vulnerable to a selloff if Treasury yields rise again.

The rebounding economic environment may help smaller and more nimble companies outperform their larger peers, but many investors remain under allocated to the small-cap segment of the market.