Breeden Capital research director resigns

Joshua Fenton resigned as director of research and trading at Breeden Capital Management, the activist hedge fund founded by a former head of the SEC, the company announced.

Michael Keating will serve as interim research director, according to an update by the firm to its annual registration with the Securities and Exchange Commission.

Breeden Capital had $645.7 million in assets under management as of Feb. 29, according to its SEC registration.

Richard Breeden, who served as SEC chairman from 1989 to 1993 founded Breeden Capital in 2005 to make activist investments in small- and medium-sized companies. The $224.1 billion California Public Employees' Retirement System, Sacramento, holds an equity stake in Breeden Capital.

Mr. Breeden didn't immediately return a telephone call seeking comment. Mr. Fenton has joined another firm and is traveling in China, his wife, Kristine, said in an interview. She declined to name Mr. Fenton's new employer.

Prior to joining Breeden Capital, Mr. Fenton worked as director of global equity research from 2008 to 2009 at Clay Finlay of New York. Before that, he was director of research at Gabelli Asset Management and helped manage the Gabelli Global Gold & Natural Resources Trust.

In September, CalPERS wound down a European fund managed by Breeden after it lost $71.5 million. The pension fund's $300 million investment in Breeden European Partners (California) LP was valued at $228.5 million in a document reviewing the performance of CalPERS investments during the second quarter of last year.