Armajaro Asset Management, the London-based alternative investment manager, has named Harry Morley as its new chief executive, taking over from co-founder Richard Gower who has become the company’s chairman.

Morley was latterly group finance director of Armajaro Holdings, a position he held from 2008. Prior to this he worked for a range of private equity-backed businesses.

Armajaro Asset Management, formed in July 2002, manages four commodity hedge funds and an emerging markets hedge fund with combined assets under management of around $1.7 billion.