Sydney, Australia-based hedge fund shop Wallace Absolute Return has removed Richard Wallace from his post as managing director of the firm, effective Dec. 4. 

Wallace will continue to serve as a director. In his stead, the firm has appointed CEO Michael Birch to replace Wallace as firm secretary.

Birch formerly ran the Wallace Australia Opportunities hedge fund and returned an average 18.2% since inception in October 2005, Bloomberg reports. Wallace Absolute Return, a listed fund that invests in Australian equities and fixed income securities, has lost 81% on the Australian stock exchange this year.