GSA CEO Quits Again

May 20 2010 | 10:39am ET

A year after he quit the first time, Joseph Novarro has again resigned from hedge fund GSA Capital.

Novarro told Financial News that his departure stemmed from disagreements about business strategy between himself and GSA founder Jonathan Hiscock. He resigned last week, but will remain on for at least three months to assist with the transition.

Novarro resigned from the London-based firm last May. But that time, he was persuaded to withdraw his resignation during his notice period.

GSA, which spun off from Deutsche Bank five years ago, has been struggling to rebuild its assets under management since the 2008 financial crisis. The firm, which once managed US$2.5 billion, was hit with redemptions totaling approximately half that. GSA did not impose any redemption restrictions, and now manages about US$650 million.


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