William Ricks, chief investment officer of AXA Rosenberg Investment Management, tendered his resignation, according to several sources who asked not to be identified.
Mr. Ricks gave his notice Monday, according to the sources. He will remain at the quantitative investment firm until a replacement is named, said one of the sources.
“He is committed to an orderly transition,” the source said.
Mr. Ricks did not return repeated phone calls seeking comment, nor did Stephane Prunet, AXA Rosenberg‘s global CEO or other officials at AXA Rosenberg.
AXA Rosenberg has faced asset outflows since the company first notified clients in April that an error in the computer code in its mathematical-driven investment process went undetected for more than two years.
The company in June forced out its chairman and founder, Barr Rosenberg, and Research Director Thomas Mead, saying an outside review had concluded that they had failed to notify top management at the firm when they discovered the coding error a year earlier.
Assets plunged 54% to $32 billion between the client notification in April and Aug. 31, according to information from AXA Rosenberg. The company reported a slight increase in assets, up to $33 billion, as of Sept. 30.
