Paul Stephens, a co-founder of both Robertson Stephens & Co. and RS Investments, is joining Stephens Investment Management (SIM) as Chairman.

SIM is a three-year old hedge fund firm founded by Stephen's sons, Bart and Brad.

Randy Hecht, RS Investment's CEO, said: "Paul's contributions to RS Investments are numerous and we thank him for his years of hard work. Paul's initial desire to have an investment management unit within Robertson Stephens led to the creation of RS Investments as we know it today. His strategic priorities for RS were to focus on smaller companies with less research coverage that operated in the dynamic sectors of the economy. Paul also believed that fund managers should be heavily invested in their own investment products. These principals still guide RS Investments today to the benefit of our customers. We thank Paul for his significant contributions to RS and we wish him success at Stephens Investment Management."

In addition to Paul joining SIM as Chairman, Mary Williamson will become Stephens Investment Management's Director of Operations.

Established in 2002, Stephens Investment Management LLC is a San Francisco-based investment firm specializing in hedge funds. Stephens Investment Management is the General Partner for the Nanocap Fund LP, the Nanocap Qualified Fund LP, and the Orphan Fund LP.

The Orphan Fund will become a team-managed fund at Stephens Investment Management with Stephens retaining his status as the head portfolio manager of the fund.

The Orphan Fund is a fifteen year old long/short hedge fund that focuses on neglected and under-followed small cap stocks. The Nanocap Fund will continue to be co-managed by Bart and Brad Stephens. The Nanocap Fund is a US + Asia long/short hedge fund that focuses on microcap and "nanocap" stocks.