Christopher M. Darnell, a GMO veteran who helped structure the firm’s quantitative research effort and currently leads its algorithmic trading group, will resign after 31 years with the money manager, confirmed Tucker Hewes, a spokesman for the firm.
Mr. Darnell will continue to serve as a GMO board member, Mr. Hewes said.
According to an industry source who declined to be identified, GMO decided to shut down the algorithmic trading group, which manages only a small amount of mostly internal funds seven years after it was set up. Mr. Hewes confirmed that GMO has decided to “wind down” the operation.
Reached by telephone, Mr. Darnell, citing company policy, deferred questions to Mr. Hewes.