Asia-based Ilfryn Carstairs to become co-CEO of Värde

The appointment is effective January 1, 2020. Carstairs will retain his position as global CIO, while Hicks plans to transition to an executive chair role in 2022. "Transition is a process and involves the entirety of the firm. The roles Ilfryn and I play are just part of that process whereby a new generation of leaders succeed the founders," Hicks said in a statement.

Carstairs joined Värde in 2006 in London and is said to have been instrumental in the firm's growth in Europe and Asia. He served as co-head of corporate and traded credit, with responsibility for Värde's liquid investing activities globally, before becoming co-CIO in 2017. Minneapolis-based Jeremy Hedberg is the other co-CIO.

Established in 1993, Värde has $14 billion under management across corporate and traded credit, real estate, mortgages, financial services, real assets and infrastructure. Hicks had two co-founders: Marcia Page transitioned from co-CEO and co-CIO to executive chair in 2016, while Greg McMillan retired in 2008.

The relocation of Carstairs to Singapore signaled a greater emphasis on Asia. Late last year, the firm closed its first private equity product dedicated to the region, collecting $400 million in commitments for a credit fund. The firm also formed a stressed and distressed assets joint venture in India with Aditya Birla Capital, the financial services arm of the Aditya Birla Group.

In January, Värde promoted Haseeb Malik, a senior managing director based in its Singapore office and head of Asia corporate and traded credit, to partner. He joined the firm in 2006 and helped launch the Singapore office in 2008.

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