City Financial, the independent investment management firm with over US$4 billion in group assets, announces the appointment of Lou Thorne in a newly created role as Global Chief Operating Officer, with effect from 7 November 2016.

Based in New York, Lou will be responsible for City Financial’s global operations, risk, legal, compliance and technology teams across six offices. He will report to Andrew Williams, Chief Executive, and will join City Financial’s executive management committee. Lou succeeds David Levitan who will be stepping down from the role 1 March 2017 to pursue interests outside of the investment management industry.

Prior to joining City Financial, Lou was Managing Director and Global Chief Operating Officer of Fortress Investment Group’s (NYSE: FIG) Liquid Markets Hedge Fund business. At Fortress he was responsible for infrastructure and support functions, and was actively involved in firm-wide infrastructure planning and business development. Lou has deep experience across varying strategies and structures spanning the US, Europe and Asia, and has an enviable track record of successfully building and managing global teams.

 Prior to this, Lou was the Chief Operating Officer and Chief Compliance Officer at MissionPoint Investment Partners. He began his career at Tudor Investment Corporation, where he spent over eight years serving in various middle and back office capacities. Lou graduated with a B.S. in Banking and Finance from Hofstra University.

 Andrew Williams, Chief Executive at City Financial, said: “Attracting someone of Lou’s calibre demonstrates our commitment to the continued development of the firm, and in particular, a significant investment in operational infrastructure as we grow both the scale and number of investment strategies that we offer our clients worldwide.

 “This appointment comes at an exciting time for City Financial, and I would like to thank David Levitan for his leadership and efforts in taking our business over the past 10 years from start-up to over US$4 billion in total client assets.”

 Lou Thorne commented: “City Financial has established itself as a leading independent investment management firm with exceptional capabilities in both alternative and long-only products. With the increased complexity of supporting investment teams across three continents, the time is right for City Financial to further invest in operational infrastructure to better serve its growing client base. I look forward to working with Andrew and his team to expand the business in all markets, with an overriding focus on maintaining operational excellence.”