An investment management firm has appointed a new managing partner and hired a new chairman.

After more than 23 years as managing director, and then managing partner of Albion Capital, Patrick Reeve has become chairman of the business in a newly created role, with Will Fraser-Allen moving to managing partner, and Andrew Elder becoming Deputy Managing Partner.
 
Mr Reeve will chair the Albion and OLIM boards and continue to be involved in directing the strategy of the business, whilst maintaining key relationships across the Albion Capital VCT range, Albion Community Power and the UCL Technology Fund.

Mr Reeve joined Close Brothers in 1989, established Close Ventures in 1996 and led a management buyout in 2009, forming Albion Capital.

Under his leadership the business has grown to manage more than £1bn of assets, ranging from the earliest stage digital businesses to mid and large-cap equities.
 
Will Fraser-Allen will be taking over the day-to-day running of the business, including investment oversight. 

He joined the business in 2001 and has focused on technology, leisure, media, business services and healthcare investing.

He has been deputy managing partner for 10 years and leads the growth of Albion Capital’s VCT range including the evolution of its strategy to target high growth technology and tech-enabled businesses.
 
Partner and head of healthcare Andrew Elder was promoted to deputy managing partner.

Mr Elder joined Albion in 2005 from Boston Consulting Group and also oversees the management of the UCL Technology Fund.
 
Mr Fraser-Allen said: “I am honoured to be taking over from Patrick, who has led Albion over the past 23 years with such success.

“These changes do not mark any great shift in strategy as Albion continues to build its fund management business across both quoted and unquoted assets.

“I look forward to working with Patrick and the rest of the talented Albion team supporting exciting growth businesses from early stage through to the FTSE100.”
 
Mr Reeve said: “Over the years Albion has become something rather special, principally due to the energy, professionalism and culture of the team.

“I know that its success will continue under Will’s leadership and it is a huge privilege for me to remain closely involved.”