Sir George Mathewson, the former chief executive and chairman of the Royal Bank of Scotland, was yesterday named chairman of Tosca- fund Holdings, a hedge fund.
Sir George is responsible for overseeing and guiding the growth of Toscafund, which manages $4bn (pounds 2.1bn) for City institutions and the very rich.
Martin Hughes, the former Credit Lyonnais Laing banking analyst who set up Toscafund in 2000, said: "Sir George has enormous experience of the workings of the world's financial markets and I have no doubt that his insight and advice will be tremendously valuable to us as we develop."
Sir George's pay for the part-time role was not disclosed.
Hedge funds, unlike traditional investment funds, are able to deploy a wider range of investment strategies across a broader range of markets and financial instruments in the search for better returns.
The number of hedge funds has soared from fewer than 500 managing less than $100bn in 1990 to more than 8,000 today with $1,500bn under management globally.
Toscafund runs a "long/short" equity hedge fund, which invests in stocks that it expects to rise in value and also takes bets on other shares it thinks will fall. …