RAB chief steps down

Charles Kirwan-Taylor has quit as chief executive of RAB Capital, once one of London's best-known hedge funds, which took itself private last year. He became chief executive in September 2010 after funds under management plummeted from $7bn to less than $1bn.

Michael Alen-Buckley, RAB'sco-founder, becomes chief executive as well as chairman.

Mr Alen-Buckley said: "Charles did a great job of managing the process of downsizing, but since we took the company private there was not the same need for an independentchief executive."