Deephaven Capital Management will liquidate a pair of poor-performing hedge funds, its parent, Knight Capital, said in a regulatory filing.

In addition, Andrew Greenberg, the senior portfolio manager who oversaw the $780 million event-driven funds, is leaving the firm.

The funds have suffered “significant” redemptions, and lost 1.27% last year, according to Financial News. Deephaven chief Colin Smith will oversee the funds’ liquidation and the return of assets to investors. Tony Chedraouiis, who runs the firm’s unrelated European event-driven portfolios, takes over for Greenberg in running Deephaven’s global event-driven team.

Greenberg was on Deephaven’s payroll for just over a year. He joined from Citadel Investment Group, where he was co-head of the global value group, to succeed Matthew Halbower, who left the firm to found his own hedge fund, Pentwater Capital.