London-based Key Asset Management has appointed Peter Dencik as Group Chief Executive Officer following the departure of CIO Dr. Jaakko Karki.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


Karki, who was appointed CIO last year, left Key at the beginning of this month and has been replaced in the interim by Morten Kielland, Key's founder.


 


The appointment of Dencik is viewed as the next step in Key's continuing growth. Assets under management and advice have now reached in excess of USD 1 billion with almost 30 employees in five locations.


 


Key stated: "As CEO, Peter Dencik brings significant industry experience and managerial expertise to the firm and will be instrumental in providing the structure and leadership to continue Key's success."


 


Dencik joins Key after twenty years in the industry, most recently as Senior Advisor to the Board at Singer and Friedlander Investment Management Ltd (SFIM). He joined SFIM in 1995 as Director and Head of Institutional Business, where he was also a member of the Investment Policy Committee, and chaired the Performance and Risk Review Committee. Preceding SFIM, Dencik joined PKA, <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Denmark's largest pension fund administration, as Chief Economist, in 1985. He was appointed Head of International Investments in 1987 and Deputy Executive Director in 1989 with responsibility for asset allocation, investment strategy and monitoring of external managers. Before joining PKA, Dencik worked as Associate Professor at Roskilde University and the University of Copenhagen, Denmark.


 


In a joint statement, Morten Kielland and Thomas Raber, Managing Director of Key Asset Management in London, said: "Key is delighted to welcome Peter Dencik to the role of CEO. We believe this appointment will create the structure, and provide the leadership, to continue our strong asset growth and demonstrates the commitment we have to the continuing success of Key Asset Management."


 


Dencik said: "Key offers a unique opportunity in the hedge fund industry. Leading a firm that has the track record, innovative abilities and critical mass that exist at Key is an excellent opportunity. In a market place that sees larger players facing issues surrounding capacity, Key is now in ideal place for continued asset growth."


 


Background Note: Key Asset Management, founded in 1989 by Morten Kielland, is an independent hedge fund company specialising in Fund of Hedge Funds. Key, with offices in London, Oslo, Geneva, Stockholm, and New York, currently has in excess of USD 1 billion in assets under management/advised.


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