BlueMountain COO Quits

Aug 30 2010 | 1:09pm ET

Following the failure of his plan to license the firm’s technology, BlueMountain Capital Management’s Samuel Cole has left the firm.

Cole, who served as chief operating officer, left rather than return to his former post. He had been spearheading BlueMountain’s effort to sell its risk management and profit and loss technology to other hedge funds, pensions and endowments, Bloomberg News reports, but failed to recruit enough of them to get the venture off the ground.

Michael Liberman has been named to succeed Cole. Liberman helped set up Goldman Sachs’ derivatives risk-management system before joining BlueMountain.

For his part, Cole is “considering a variety of other options,” a BlueMountain spokesman told Bloomberg.

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