Spencer Young, the founder of the $2.5 billion listed hedge fund-of-funds group HFA, has stepped down as chief executive, being replaced by a newcomer to the company, Paul Jensen.

Jensen, a New Zealander, has extensive general management experience in financial services. He commenced at HFA earlier this month, but is currently on leave until January. His appointment followed a four-month search, after Young indicated he wanted to relinquish day-to-day responsibilities. Young was one of the big beneficiaries of HFA’s successful listing this year, with his investment being valued at the time at more than $60 million. He will remain on the HFA board.