Boutique bond manager Kapstream Capital has replaced the head of risk who recently departed to run Northern Trust’s risk and analytical services in the region.

Madhu Gayer has been replaced by Daniel Siluk, who like Gayer joins Kapstream from the firm’s incubator, Challenger Financial Services.

Siluk was manager of investment analytics at Challenger from 2007 to 2009, responsible for providing attribution and risk metrics to its internal funds management business, as well as its boutique partnerships, which include Kapstream.

Prior to joining Challenger, Siluk was responsible for
implementing and testing attribution and risk systems. During a four-year London stint his employers
included Insight Investment, the funds management arm of Halifax Bank of Scotland (2003 to 2006), as well as
Northern Trust (2006 to 2007).