Money manager Ravi Sood has left Aston Hill Financial Inc. after selling Navina Asset Management to the investment firm only three months ago.
Larry Titley, chief financial officer of Aston Hill Financial, said that Mr. Sood has left to pursue other opportunities, but was mum on details surrounding his departure.
"We had bought Navina with Ravi onboard, but he has left," Mr. Titley said on Monday. "He has just moved on. We are happy to build up our portfolio managers internally."
Mr. Sood's formerly high-flying Lawrence Partners hedge fund lost 80 per cent in 2008, leaving a trail of irate investors that included author Peter Newman.
Aston Hill has hired Jeffrey Burchell, who had worked at Toronto-based Polar Securities, to take over Mr. Sood's Lawrence Partners Fund, Lawrence Enterprise Fund and Navina Opportunities Fund. Mr. Burchell starts on Nov. 15.
Aston Hill struck a deal to acquire Navina Asset Management for $4.2-million and get more than $200-million in assets invested in various funds. That deal was also subject to potential earn-outs of up to $1.8-million if certain conditions were met.
"The earn-out remains the same," said Mr. Titley. "Mr. Sood was paid in stock of Aston Hill and still owns [the stock]"
Before the transaction, the funds were run by Mr. Sood, who was chief executive officer of Toronto-based Navina and former CEO of Lawrence Asset Management Inc. In January, Lawrence acquired Navina Capital Corp., and the combined entities, which had about $330-million in assets, emerged under the new name of Navina Asset Management.