New York-based hedge fund firm Balestra Capital is losing two of its senior executives this summer.
An investor letter obtained by CNBC on Monday revealed that Norman Cerk and Matthew Luckett, who are both co-portfolio managers of Balestra’s flagship hedge fund, have decided to resign from the firm on June 30. The letter explained that “it became increasingly clear that [Balestra] need a single voice and vision regarding the future of the firm.”
Balestra founder James Melcher will resume serving as the sole portfolio manager for the fund.
Founded in 1979, Balestra managed $1.64 billion as of January 1. It invests based on broad macroeconomic trends.