Bermuda-based Revelation Capital Management Ltd (formerly Osmium Capital) has lost three members of its investment team and its head of marketing and investor relations.
Richard Cox, Kingsley Minty, Daniel Perrin—all formerly on the investment team of the firm’s market-neutral, event-drive Revelation Special Situations Fund—have left the company. Also on the departure list is Jim Konte, the former head of marketing and investor relations.
When asked about the departure by FINalternatives, Minty said, “I can confirm myself, James Konte, Richard Cox and Daniel Perrin have left to pursue other opportunities,” but declined to offer any further details.
Revelation founder and CIO Chris Kuchanny told FINalternatives that while there had been some "transitions" at the fund, all the departing employees had been replaced and the investment team currently consists of three members.
The bigger story, said Kuchanny, is the planned closure of the fund to new money, which is scheduled for January 1st of next year and is expected to be about $400 million. In a letter to investors announcing the decision, Kuchanny wrote:
"We had previously intended to close at $500 million. However, 2011 has been a challenging year, both for the Funds and the markets in general. The Funds' performance is always our top priorityand wehave determined tha our time is best spent concentraing on the markets and servicing existing investors, rather than on raodshows seeking new capital. For the time being, we are content to allow the Funds grow organically."
The fund, formerly known as the Osmium Special Situations Fund, received a Lipper award for its performance for the three-year period ended June 2010.