QFS Asset Management founder Sandy Grossman may have shaken more up at the hedge fund than he expected when he orchestrated its acquisition of Cenario Capital.
Two top, long-time executives at the Greenwich, Conn., quantitative hedge fund quit this summer, just months after QFS' April acquisition of Cenario and Grossman's naming of that firm's CEO, Karlheinz Muhr, as QFS CEO.
Theresa Patti, who one source told Hedge Fund Alert was "basically the voice of the firm" and "like a PM," left in August. Officially, Patti was a partner and senior portfolio strategist who has worked closely with Grossman during her decade at the firm. She also acted as liaison between the trading desk and investment community, according to HFA.
Two months earlier, research chief Jim Xiong quit after 14 years at the firm. It is unclear whether Muhr's arrival impacted either decision.
Xiong is still looking for a new job, HFA reports. Patti plans to take a six-to-12 month sabbatical before seeking a new position at another firm.
Grossman, who founded QFS 21 years ago, stepped down as CEO and become chairman of the combined company after buying Cenario. Grossman is rumored to be mulling retirement.