Gen2 Partners, the alternative investment management firm, has rebranded itself following its split with its South Korea-focused fund arm.

Kyle Shin, fund manager of the South Korean unit, parted ways with founders Paul Heffner and Barry Lau in January 2013 to continue operating under the Gen2 Partners name. Shin will be managed the KS Asia Absolute Return Fund, which he established with Heffner in 2010.

The rebranded entity is now named Adamas Asset Management and will focus on private equity and providing seed funding to hedge fund managers. Shin's departure reduces the firm's staff numbers from 30 to 22 and the new Adamas now manages some $320 million in assets, from $500 million when it was still allied with Shin. 

In a statement, the firm's co-founders said they the split happened amicably and that both parties are working out an arrangement that will allow Shin's fund to continue trading under the Gen2 Partners brand.