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Absolute Capital co-founder resigns

Florian Homm has resigned as co-chief investment officer of Absolute Capital Management (ACMH), the quoted hedge fund group he co-founded.

In a public letter, Homm stated that in August he personally injected €33m of shares into ACMH funds. This, he said, was consistent with other firms in the industry that have contributed their own capital in order to help investors ride out instability in the markets. Homm has also foregone his bonus for the year.

 
However, Homm stated that the ACMH board refused to follow his lead by contributing shares to the funds or sacrificing personal bonuses.

Homm said: “It is apparent that I share a different investment and management philosophy from the current and prior management of ACMH. Therefore, I have decided that it is time that I left the company I founded to focus on other pursuits”.

October 2007