Manuel Echeverría, chief executive of Geneva-based Santander-owned Optimal Investment Services is leaving the alternative investments manager, according to an unconfirmed  Financial News report.

Mr Echeverría is leaving to pursue a new business venture and will be replaced by his deputy, Esteban Estevez, according to the report.

Separately, four of Optimal’s managers are also leaving. Caron Bastianpillai, head of long/short equity, Hugh Burnaby-Atkins, head of relative-value and global macro, Sebastien Poiret, co-manager of the Optimal Global Trading fund and Balkir Zihnali, a US Opportunities fund manager are leaving according to the report.

When WealthBriefing spoke to Mr Echeverría in 2007, he said that the company was hiring for new offices in Singapore and Dubai to complement those in New York, London, Madrid and Geneva. The company was planning to be employing 60-70 people.

Optimal’s approach is a combination of top-down and bottom-up manager selection, but most of the top-down market directionality is delegated to the managers.