RAB chief executive Couttie resigns

RAB Capital chief executive Stephen Couttie has resigned from the company after two years in the job.

Couttie (pictured) joined RAB in September 2008 as the company was struggling with adverse markets, resulting in its funds under management falling from $7.2 (£4.67) billion in 2007 to just over $2 billion within a space of a year.

Couttie was unable to reverse the trend and RAB continued to hemorrhage assets, with $550 (£356) million outflows in 2009 and a further £90 million in redemptions during the first six months of 2010, taking the firm's assets under management to $1.26 (£0.81) billion.

Couttie is to be replaced by Charles Kirwan-Taylor, RAB's chief investment officer and head of risk, who joined the company in 2008.

Kirwan-Taylor is a veteran of the financial services sector, having held senior positions at Credit Suisse, Barclays and Kleinwort Benson over a 30 year period. Prior to joining RAB, he also co-founded and co-managed a European hedge fund.

Michael Alen-Buckley, executive chairman of RAB, said: '[Kirwan-Taylor's] experience in financial markets and as CIO and head of Risk at RAB mean that he is ideally placed to lead they group in its next phase of development as we focus on delivering out-performing risk-adjusted returns for our investors.

Alen-Buckley also revealed Couttie will continue to assist RAB on an advisory basis, adding that the outgoing chief executive had made 'significant contributions' to the group.