Wermuth Replaces Maarten van den Belt as CEO With Michael Ludwig

Wermuth Asset Management GmbH, a Frankfurt-based Russia-focused hedge fund, is replacing Maarten van den Belt as chief executive officer after 16 months in charge with Michael Ludwig.

Van den Belt joined Wermuth from VISA International in Moscow in 2010, where he had been head of Russia. Ludwig has been at the firm since 1999, the company said in an e-mailed statement.

Wermuth, which managed over a $1 billion before the 2008 economic crisis, has about $200 million under management, according to its website. Ludwig will take charge of the firm before the end of the year, the statement said.

Founded in the late 1990s, Wermuth is a German family investment firm that acts as an adviser on alternative investments in Eastern Europe. Its founder Jochen Wermuth also serves as chief investment officer.

-- Editors: Jon Menon, Stephen Taylor

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