Partners Group has replaced chief executive officer David Layton after a surge in redemption requests at its flagship funds hit the share price of the Swiss private equity manager. Layton will step down as chief executive to become the firm's chief investment officer and chair of its global investment committee, the firm said on Tuesday, effective from January 1 next year. Layton, who has been sole chief executive since 2021 and shared the role for two years before that, will be replaced by Roberto Cagnati and Juri Jenkner as co-chief executives.

Both partners have been with the Zug-based group that manages $186bn in assets since 2004. Cagnati most recently served as its head of portfolio solutions and chief risk officer, and Jenkner is currently the group's president and head of business development. Partners Group shares are down 29 per cent for the year to date.