Swiss hedge fund manager Absolute Capital Management has appointed its third chief executive in less than a year as incumbent Jonathan Treacher, who steered the company through the abrupt departure of chief investment officer Florian Homm, has become non-executive chairman.

The company, which is quoted on London's junior Alternative Investment Market, said its general counsel Glenn Kennedy has stepped up to chief executive. Kennedy joined the Absolute Capital in late 2006 as general counsel and was appointed to the board of directors in February.