Robert Schulman, chairman of the Tremont group, a manager of fund of hedge fund portfolios, is retiring in July 2008.

He was an early pioneer of fund of hedge fund investment management. Most recently, he was responsible for directing Tremont's single manager products group, Rye Investment Management.

This retirement concludes a succession plan initiated in 2006 that saw Rupert Allan, formerly managing director of Tremont's London office, appointed president and, ultimately, Tremont president and chief executive, directing the firm's operations from its Rye, New York, headquarters. The Rye group will be managed by Jim Mitchell, who returns to Tremont's headquarters after four years in the London office, which he led for two years, having succeeded Mr Allan in that role.