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Komfie Manalo, Opalesque Asia:

ALTIN AG, the Swiss listed multi-strategy fund of hedge funds, has agreed with its largest shareholder, Alpine Select AG, on restructuring its board to reflect the new ownership structure.

In a statement, ALTIN said that Eric Syz, will be stepping down from his role as a director following the company’s Annual General Meeting to be held on 9 May 2016. Peter Altorfer who joined ALTIN’s Board of Directors in 2010 and has acted as chairman since April 2011, had announced in an earlier press release his decision not to stand for re-election.

The company added that Thomas Amstutz, a representative of Alpine Select AG, together with Dieter Dubs and Gerhard Niggli will join the board and are to be elected at the Annual General Meeting on 9 May. André Pabst and Roger Rüegg, who are current Board members, will stand for re-election.

The statement added, "PricewaterhouseCoopers AG, the Company’s independent auditor since 1996 will be replaced by KPMG AG which will be taking over this role from 9 May onwards. The management and current directors of the company are confident that strategic solutions can be found that will be value accretive to both the majority and minority shareholders."

ALTIN earlier rejected Alpine Select’s proposal to recall board members

ALTIN AG’s latest pronouncement was in direct contrast to its hardline position ......................

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