The German alternative investment manager has appointed a familiar face to take over from its chief.

HQ Capital has appointed its chief operating officer and co-managing director, Georg Wunderlin, as its new chief executive, replacing Ernest Boles, who has been at the helm of the company for almost a decade.

Boles will serve as vice chairman of HQ Capital and will continue to advise the company on its operations, remaining part of the firm’s executive management. He will also remain on the investment committees for real estate and private equity and will continue to manage a number of the company’s client relationships. 

He succeeds Marcel Giacometti, who will become a senior advisor for HQ Capital as of January next year. Giacometti will continue to be a member of the investment committee for private equity, also managing several client relationships.

Based in Frankfurt, Wunderlin has worked at HQ Capital and its predecessor companies since 2012. Last year, together with Boles, he played a key role in the rebranding of Auda, RECAP and Equita as HQ Capital. Boles has been CEO of HQ Capital and Auda since 2007.

Chief financial officer Tim Avery will take over Wunderlin's responsibilities as COO, but not the title itself, the company confirmed to this publication.

HQ Capital currently has more than $11 billion in assets under management.