Optima Fund Management, the fund of hedge funds company, has replaced its chief investment officer who had been at the firm for four years, according to Financial News.

Robert Picard will leave to start a new venture, FN quoted a source familiar with the matter as saying. Mr Picard joined Optima, which has offices in New York and Bermuda, as director of research in 2004 and previously worked for Carlyle Group.

Mr Picard, who was unavailable for comment, will be replaced by Fabio Savoldelli, Optima’s chief global strategist.