The founder of alternative investment firm GLG's multimanager business has stepped down after nine years, handing control to a veteran of the fund of hedge funds industry, who has taken the new role of non-executive chairman.

Paul Harvey, who joined GLG in 2001, is retiring at the end of February, a spokesman for the company confirmed today.

GLG director departs as hedge fund veteran joins

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Find out who is on the move in the City and beyond this week

Clifford Chance hires KKR director in London private equity drive

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Magic Circle firm boosts London private equity offering

Proskauer Rose hires Hogan Lovells private equity partner in London

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The announcement comes as USS Investment Management said it won’t bid for the property firm.

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Assura

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Property Firm Assura

The U.S. private-equity firm said t decided not to begin a tender offer for the Japanese software company after consulting with Fuji Soft founder Hiroshi Nozawa.

Successful firms are increasingly split between behemoths with several business lines and those focusing on their roots of buying companies.

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The Chinese technology giant has begun tests to integrate homegrown startup DeepSeek’s AI model into its Weixin messaging app.

Tencent Shares Rise as App Launches DeepSeek Testing

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Unicoin bills its token as being backed by billions of dollars in real-world assets, but Biden administration regulators and some crypto executives were skeptical.

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