Mr Willis is the co-founder of BlueBay Asset Management, a specialist fixed income credit manager with US$62.5 billion of assets under management as of 31st March 2014. He served as its Chief Executive from inception in 2001 until the end of 2013, a period which included the sale of the firm to the Royal Bank of Canada for US$1.6 billion in December 2010. He is currently BlueBay's Executive Chairman.

"Hugh joins us at a key time for the company, as we continue to expand and enhance our offering. His unrivalled experience in scaling firms quickly, and the vast knowledge of credit, alternatives and asset management that he brings, will prove invaluable. We are very excited to have Hugh's backing, and look forward to working with him," commented Michael Schmidt, Chairman of Algomi.

Hugh Willis said: "Algomi is creating innovative solutions to what I regard as an important issue currently faced by fixed income markets: namely the need to square the increasing capital and regulatory pressures faced by banks on the one hand, with a continued need for fixed income market liquidity on the other. Algomi's team is of high quality, the industrial logic of its proposition is undeniable, and I am very much looking forward to working with them."