New York (HedgeCo.Net) – Philip Richards, head of hedge fund RAB Capital, is stepping down and will be replaced with Finance Director Stephen Couttie, according to a statement made by the company yesterday.

Richards ran the $1.4 billion Special Situations Fund, which received poor press and even worse returns when it lost millions thanks to the nationalization of Northern Rock in February.

Richards will still be employed by RAB, serving as an executive director while still managing the Global Mining and Resources funds, which holds assets of around $210 million.  He made headlines recently with his controversial personal stake in Bahamas-based oil exploration company BPC, in which his Special Situations Fund along with Falkland Gold & Minerals facilitated a takeover bid that earned him a hefty paycheck.

RAB currently manages around $5.9 billion in assets, a sharp drop from the over $7 billion it managed in 2007.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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