Contango managing director and CIO George Boubouras has left the asset management company to be replaced by company director Marty Switzer, who will act as interim chief executive.
The departure comes a week after Contango transferred the investment mandate for Contango MicroCap Limited to NAOS Asset Management for a maximum consideration of $12.5 million (payable by NAOS to Contango).
In an 'update' to investors last Friday, Contango chairman Roger Amos said it had decided to "focus on the growth of its core offerings" and is relocating its operations to Sydney as part of a "vigorous cost structure review".
"The company will work over the coming months to complete its transition to Sydney with a view to ensuring an efficient operating platform that aligns with these growth plans," Mr Amos said.
"Based in Sydney, Mr Switzer is well placed to oversee this transition and take a more active role in the growth of the company’s strategic investment in Switzer Asset Management.
"Mr Boubouras has been instrumental in the acquisition of the Contango funds management business, the MBO and the launch of the Contango Global Growth Limited LIC and Switzer Dividend Growth Fund."