David Russekoff, the chief investment officer for hedge fund Perry Capital, left the firm after almost 14 years, according to two people with knowledge of the matter.
The $10 billion firm has created a new investment committee to replace his role that includes money managers Todd Westhus, Maulin Shah and Todd Gjervold, said one of the people, who asked not to be identified because the information is private. Richard Perry, founder of the firm, will also be involved in investment decisions, the person said.
Mr. Russekoff declined to comment. Michael Neus, general counsel for the hedge fund, didn't return phone calls seeking comment.
Mr. Russekoff became sole CIO in 2014 after a sharing the role for 1½ years with Paul Leff, who co-founded the firm with Mr. Perry in 1988. Perry's main fund lost 3.4% last year after returning 21% in 2013, according to a person with knowledge of its returns who asked not to be named because the information is private.
Mr. Westhus, a managing partner who joined Perry in 2006, specializes in credit and special situations and spearheaded Perry's purchase of Fannie Mae and Freddie Mac preferred shares when they were trading for pennies in 2010. He also helps oversee the firm's investments in Argentine bonds, which have surged an average of about 76% over the last two years despite having fallen into default.
Mr. Gjervold joined Perry in 2012. Mr. Shah rejoined Perry in January after a two-year stint at Balyasny Asset Management, where he was an event-driven portfolio manager, according to Balyasny's website.
Perry oversaw about $10.1 billion as of Dec. 31, according to a regulatory filing.