Gottex Fund Management, a UK-listed alternative asset manager, has nominated Dr Kevin Maloney and Dr William Landes to its board.

Deputy chief investment officers Dr Maloney and Dr Landes will become co-CIOs and executive directors at the firm's next shareholder meeting.

After a transitional period, Richard Leibovitch, the current CIO, will retire from the board. He will continue at Gottex in a consulting role.

The fund manager has also announced a share buyback. The board has given green light to the company to buy back ordinary shares on the open market initially to cover the number of shares contemplated under the acquisition of Penjing Asset Management. The buyback will be subject to acceptance via a shareholder resolution vote.

“Management proposed the share buyback as it believes that at current price levels the company and its shareholders will benefit from buying back its own shares to help offset the dilution effect of the newly-issued shares, which form part of the consideration contemplated by the Penjing acquisition," said Joachim Gottschalk, chairman and chief executive of Gottex.

In March, the firm said that it returned to profitability in 2011 with an operating profit of $700,000 in 2011 after a $5 million loss in 2010.