The parent company of GMO Australia has closed the group's Australian equities division.
A spokesperson for the global investment management firm confirmed the closing of the "Australian Equity Strategy" and provided no further comment.
InvestorDaily understands that GMO Australia's local equities team walked out of the company's Sydney-based office last Wednesday.
The team is believed to have included division head Geoff Wells, portfolio manager Brad Grehan, quantitative research analyst Jason Phung, data and systems management executive Tommy Tam, and portfolio and alpha model researcher Anthony Zdilar.
According to data from Morningstar Australasia, GMO Australia's Australian Equities division had $2.12 billion in funds under management (FUM) in early 2011.
Just over 12 months earlier, media reports quoted the company as having $4 billion in FUM.
GMO Australia's client base includes superannuation funds, public sector funds, charities and other financial institutions, a statement on the company's website said.
