Sona Asset Management is preparing to appoint Cheyne Capital's David Hill as its new Chief Financial Officer, replacing departing CFO Iain Colquhoun, according to a report by Reuters citing an unnamed source familiar with the matter.

Hill, who's is expected to take up his new role at Sona in October, spent over a decade at Cheyne in senior finance roles, most recently as CFO of the $13.5bn hedge fund manager, overseeing management accounting, financial reporting, and budgeting. He also sat on them arm's executive committee shaping firm-wide strategy.

The move comes as Sona, a $13.6bn investment manager, continues to expand its platform spanning credit, private credit, CLOs, and long-short bond strategies. The firm has been a notable beneficiary of European refinancing dynamics, with its Credit Master Fund returning 18.8% last year, while its CLO platform ranked in the top quartile of Deutsche Bank’s 2024 league tables.

Colquhoun, who joined Sona in 2018, exits after more than two decades in hedge fund finance and operations.