Dreman Value Management, which describes itself as a contrarian value asset management firm, has announced that E Clifton Hoover will assume the role of chief investment officer effective 31 October this year.

Hoover takes over from David Dreman, who will continue as company chairman, a member of the investment committee, and manager of the Dreman High Opportunity and Dreman Market Overreaction fund. Hoover joined the company in 2006 as co-CIO, co-director of research, portfolio manager, and managing director. Prior to that, he was managing director and portfolio manager at NFJ Investment Group.

Also newly appointed is Mark Roach, who assumes an expanded role in the investment team. Roach joined the firm in 2006 as manager of small, mid, and small/mid cap products.

As part of the transition, Hoover and Roach will immediately gain 25 per cent ownership of Dreman Value Management, with the likelihood of an increase to 45 per cent in the next eight years.

Dreman, which is 100 per cent employee-owned, offers value-oriented investment options to institutional clients, pension funds, foundations and endowments, and high net worth individuals, and participates in a number of separately managed account programmes. It has approximately $5 billion in assets under management.