Basil C. Williams will leave his position as co-chief investment officer of alternative investment manager Mariner Investment Group at the end of the month.
Mr. Williams and the firm could not agree on the terms of his contract, a statement from Mariner said.
William J. Michaelcheck, Mariner's founder, partner, chairman and co-CIO, will become sole CIO. Mr. Williams will not be replaced.
Messrs. Williams and Michaelcheck could not be reached for comment.
The company's statement said: “These changes are part of the broader strategic realignment that has been underway at Mariner for some time to strengthen Mariner's alliance with ORIX USA and to better align the organizations.” Orix USA took a majority ownership stake in Mariner in 2010.
Mariner manages about $5.5 billion in hedge and credit funds as well as hedge funds of funds.