First Quadrant, the Pasadea-based active equity manager, has promoted Max Darnell to chief investment officer.

He was previously the firm's director of research, a role that he will continue to fulfil. He will work alongside Christopher Luck, head of First Quadrant's equity portfolio engineering and trading group, and Todd Miller who is responsible for the firm's volatility arbitrage strategy. Darnell has been at First Quadrant since 1991.