Threadneedle Investments, the European fund manager, which recently passed the $1bn (€784,000m) mark in hedge fund assets under management, has appointed Lorin Gresser as head of its alternative investment business, a newly-created position.

The firm has further plans to launch new products as many of its existing funds are either closed or near to closing to new investment. A host of European regulatory changes, such as in Germany, is set to open up the market to hedge fund investing.