Swiss private equity manager Partners Group announced a leadership rotation, with CEO David Layton stepping down after five years to become chief investment officer and chair of the global investment committee. Co-CEOs Roberto Cagnati and Juri Jenkner, both at the firm since 2004, will take over from January. The change comes as the $186bn asset manager faces 34% year-to-date share price decline after capping withdrawals on two flagship funds.

Meanwhile, Cinven, with €45bn in assets, has undergone a succession following a regulatory scandal involving a drugmaker's NHS medicine price increases. Co-managing partners Jorge Quemada and Bruno Schick discussed implementing stricter compliance procedures and transforming firm culture, including expanding carried interest payments. Cinven also appointed former Deutsche Bank executive Dominic Smyth as CFO and COO.

The firms' leadership changes reflect broader shifts in private equity management.