The general director of the Alfa Group subsidiary Alfa-Capital, Mikhail Khabarov, will be leaving his post to become a president of the group's investment arm A1, reports Vedomosti. 

In his new role, Khabarov succeeds Andrei Zemenitsky, who left the firm in June to pursue other interests, the publication said. Khabarov will also become chairman of the board of directors at Alfa-Capital, succeeding Andrei Kosogov, the co-owner of Alfa-Group.

As the president of A1, Khabarov will also reportedly be appointed to the board of directors at Alfa-Group.

Alfa-Capital, which has RUB46 billion (about $1.5 billion) in assets under management as of 30 June, will be headed by its current executive director Irina Krivosheeva.

At the time of this publication, the firm was not available to comment futher on this matter, when contacted by WealthBriefing.

In other recent developments, earlier this month Alfa-Capital appointed Dmitry Mikhailov as head of analysis and risk management as part of its development strategy, which sees risk management as a separate business entity.