Capital Z Asset Management, the New York-headquartered alternative asset manager, said James Marrone will take over as its new chief executive on 1 August.

Mr Marrone replaces Christianna Wood, who has resigned to pursue other opportunities, the firm said in a statement.

Mr Marrone is currently CZAM’s head of business development and chief marketing officer, and will retain these responsibilities in his new role. Laurence Cheng, CZAM’s chairman, will continue in his role as chief investment officer, overseeing the firm’s investment staff and investment decisions.

Prior to joining CZAM, Mr Marrone was a senior managing director at Bear Stearns Asset Management for 10 years, and before this held marketing and product development positions at Capital Management Associates, Westpac Banking Corporation, and Chase Manhattan Bank.