AbCap Loses Finance Director

Jan 2 2008 | 12:41pm ET

Troubled hedge fund group Absolute Capital Management Holdings is making it a clean sweep at the top in 2007 with finance director Darren Sisk’s resignation last week.

Sisk follows co-founder and former CEO Sean Ewing and co-founder and former chief investment officer Florian Homm out the door at the firm, which is run from Majorca, Spain. His departure leaves AbCap without a chairman—formerly Ewing—and a finance director as it tries to pick up the pieces from this summer’s market turmoil, which forced the firm to suspend redemptions and restructure its funds.

According to HedgeWorld, Sisk’s departure is not directly related to his being a member of the firm’s discredited management team, but the result of his “not fitting in” with new CEO Jonathan Treacher.

Soon after Homm’s departure, investors learned that he had invested a chunk of the firm’s assets in highly illiquid U.S. pink sheets, and the company’s share price went into a tailspin.

 


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