Hyperion Asset Management, the Australian fund manager, has appointed a head for its newly-established private equity business.

Tim Samway takes the role of managing director and will be working with Dr Emmanuel Pohl, the founder of Hyperion. Pohl has left the asset management unit to focus on the private equity business, whose spinoff is largely a result of the success of its small caps fund in 2011, the firm said in a release. Samway is the institutional business director and founding shareholder of Hyperion.

"After a review of Hyperion's strategy it became clear that the new business initiatives should be separate from Hyperion Asset Management ensuring the current asset management concentrates on its core strengths of serving Australian institutional clients and financial advisory firms where our competitive advantage is clear," said Deborah Beale, chairman of Hyperion Asset Management.

At preset, the company manages some A$3.2 billion for institutional clients, financial advisors and high net worth individuals. There will be no changes to the firm's investment team as a consequence of the new unit.