July 10 (Bloomberg) -- Peter Borish, chief executive officer of Touradji Capital Management LP, left the commodities hedge fund founded by Paul Touradji after six months, becoming the fifth high-ranking executive to leave since the start of 2011.
Borish was let go last month, Bob Zito, a spokesman for the New York-based fund, said by phone today. “He was originally on a six-month contract and had a CEO role focused on marketing,” he said. Borish couldn’t immediately be reached for comment.
Touradji, 40, told clients in a June 28 letter that the firm has been focusing on building its business rather than marketing, and as a result decided to cut staff in that area.
Borish’s departure adds to a roster of senior executives to leave Touradji Capital in the past 18 months. Paul Crone, the former head of trading, left earlier this year after former Chief Financial Officer Tom Dwan and President Sang Lee departed in 2011. Gil Caffray, who Touradji hired in 2009 to help run his business, also exited last year to join his former employer Tiger Management LLC.
Borish, a former head of research at hedge fund Tudor Investment Corp., had joined Touradji Capital in January, replacing Touradji as CEO so that the fund’s founder could focus on his role as chief investment officer, the firm told clients at the time.
“We appreciate the ability to keeping our focus unwavering and clear,” Touradji said in the June 28 letter. “So we will not be picking up Peter Borish’s contract for the second half of the season, and he will become a free agent again.”
Touradji hired Caffray in January 2009 to oversee business development and operations so that he could focus on investing. The following year, Touradji hired Lee and said Caffray would be a special adviser, Reuters reported in October 2010. Three months later, Caffray joined Tiger.
Last September, Touradji said he was looking for “world-class” leaders to replace Lee and Dwan. Touradji reiterated at the time that he planned to focus more on investing and delegate much of the day-to-day operations to others. Touradji said in January that hiring Borish would allow him to focus on his CIO role.
Iranian-born Touradji, a former portfolio manager at Tiger, started Touradji Capital in 2005 after a fund he co-founded, Catequil Asset Management LP, shuttered in 2004 after three years.
Other departures from Touradji include Andreas Hommert, a metals analyst, who left the firm earlier this year, according to Zito.
Last year, a New York judge reinstated three claims brought by former Touradji Capital employees, who accused the firm of unjustly withholding bonuses and reinvesting them without their permission, that were dismissed by a lower court in 2009. Zito declined to comment on the claims.
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