Varde Names Bauer Sole CEO as Carstairs Becomes Executive Chair

Varde Partners named Brad Bauer as sole chief executive officer and managing partner and said that current co-CEO Ilfryn Carstairs will transition to become executive chair alongside co-founder George Hicks.

Bauer will take over on Jan. 1, according to an investor letter seen by Bloomberg. Carstairs, who’s also co-chief investment officer of Minneapolis-based Varde, will remain on the firm’s investment committee and serve as co-chair of its partners committee.

Giuseppe Naglieri, currently co-CIO alongside Carstairs, will remain in a portfolio-management role across certain funds, while global head of real estate Tim Mooney and Francisco Milone, head of ...