EIM loses co-head of investments

Adam Prestandrea stepped down as co-head of investments at hedge fund-of-funds manager EIM to join Element Capital Management, according to two people familiar with the matter.

Mr. Prestandrea, based in EIM’s New York office, also served as director of research, said the people, who asked not to be identified because the firm is private. Element Capital is a New York fixed-income hedge fund firm.

Mr. Prestandrea joined EIM in 2004 and was named co-head of investments last year, according to the website of the New York Society of Security Analysts. Assets under management at EIM have fallen by about two-thirds to less than $5 billion since 2008. EIM founder Arpad Busson said in a July 30 interview he’s held talks about combining Nyon, Switzerland-based EIM with a rival, though he hasn’t hired lawyers or bankers to work on a merger.

Mr. Prestandrea declined to comment when reached by telephone at Element Capital.