Investment adviser Ramius Fund of Funds Group has appointed Stuart Davies as a managing director and chief investment officer, effective 20 January 2009.

Davies will also be a member of the Fund of Funds Group's Investment Management Committee.

Thomas W Strauss, who previously held the position of chief investment officer, will remain chief executive officer of Ramius Fund of Funds Group and a member of its Investment Management Committee.

Strauss says: 'Global financial markets and the hedge fund industry experienced tremendous upheaval in 2008, which will create significant investment opportunities in the years to come. To better position Ramius' Fund of Funds Group to capture these opportunities for our investors, we have segregated executive duties and we are very pleased to be able to name someone of Stuart's calibre as our chief investment officer.'

Davies adds: 'Ramius Fund of Funds Group has proven itself as a premier organization and a leader in the industry. In addition, the Ramius institution is a strong partnership with founders that have extensive experience spanning over 40 years in the financial markets. Together, we have a unique opportunity to leverage our experience for the benefit of investors. I look forward to working with Tom Strauss, Vikas Kapoor, who recently joined from Arden Asset Management as head of risk, and the talented members of the Investment Management Committee in contributing to the group's future success.'

Davies was most recently managing director and global head of investments at Ivy Asset Management in New York, focusing on manager research, portfolio construction and investment management.

He was also a member of Ivy's executive committee and investment committee.

Davies joined Ivy in September 2005 as a managing director in the London office where he was head of investments for Europe and Asia.

Previously, Davies spent four years at Coronation Fund Manager and, before his departure, was a member of the International Investment Committee, responsible for the investment of USD1.2bn of mainly pension fund assets in hedge fund products.