Financial Risk Management, a UK-based fund of hedge funds manager with more than $12bn (€10bn) in assets under management, has recruited Paul Dunning as chief executive of its London-based business.

Dunning joins from HSBC Republic Investments, a fund of funds division of the financial services group with about $5bn (€4.2bn) of assets under management, where he has been chief executive for the past 10 years.