Swiss investment management firm Partners Group has named David Layton as its new co-CEO, replacing Christoph Rubeli who has spent two decades at the firm.

Layton will now head the firm jointly with André Frei, who has been at the helm since 2013.

Layton joined Partners Group in 2005 and currently serves as its global head of private equity. He will assume the new responsibility on 1 January 2019.

He previously headed the firm’s private equity unit in the Americas and also established its new Americas headquarters in Denver.

Partners Group executive chairman of the board of directors Steffen Meister said: “We have worked very successfully together with David for many years and regard him as a highly effective strategic thinker and entrepreneur; for instance, he was key to our direct private equity business becoming one of the leading practices globally.

“Like many of us in senior management, David joined Partners Group early in his career and has progressed up through the ranks. As a result, he is extremely knowledgeable about the firm and he is a strong culture carrier for our growing global business.”

Meanwhile, Rubeli, who held the co-CEO for five years, will resign from the firm’s executive committee and global executive board by the end of 2018. However, he will continue to serve as a partner at the firm.

Rubeli formerly served as the head of the Singapore office at Partners Group. Prior to that, he worked at UBS.

“David has risen through the ranks on the investment side of the business and he is ideally suited to succeed me and to share the Co-CEO office with André, whose focus is on clients and related portfolio management activities. In my new role, I will support the further build-out of the investment platform globally, with a particular emphasis on the entrepreneurial governance of our portfolio companies,” Rubeli noted.