RAB Capital, the UK-listed hedge fund manager, has elevated one of the two co-founders of the Asian equity-focused company it bought 15 months ago to its full board after he helped grow the combined group's business in Asia.

RAB said in a statement today it has appointed George Philips as an executive director on its board. Philips co-founded Northwest Investment Management nine years ago, and the company, which focuses on Asian equities using a market neutral strategy, was sold to RAB in September last year in a deal that earned its two founders more than £5.2m (€7.2m) in cash as well as shares in RAB.