New York-based investment bank Jefferies International has made bond manager Avtandil Gigineishvili its new head of asset management.

Avtandil Gigineishvili, who has been with the bank for almost two decades, replaces Adrian Hope after the latter stepped down from running the US investment bank’s asset management unit at the end of May.

As head of the international asset management division, Gigineishvili will be based in London, leading services to institutional investors, pension funds and other investors such as high net worth individuals.

As a fund manager, Gigineishvili has run the Luxembourg-domiciled Jefferies Global Convertibles Bonds fund since May 1999. However, the firm has not revealed whether Gigineishvili will continue to run the $58 million fund along with his new role.

Jefferies’ second-quarter group results, published last month, showed revenues of $10.5 million based on asset management fees and income from managed funds. This compares to overall revenues of $277 million from the firm’s investment banking.