People Moves

Ivory loses three partners despite gains


COO Steven Baum, CFO Mitchell Pressman and head of marketing John Hill depart.

  Curtis Macnguyen (Photo: Alpha)
Turnover at Curtis Macnguyen's Ivory Investment Management continued at yearend despite a performance comeback.

Three partners independently left the Los Angeles-headquartered firm in December: chief operating officer Steven Baum, chief financial officer Mitchell Pressman and head of marketing John Hill.

The departures come despite Ivory's best performance in three years. The flagship low-beta long/short equity fund gained about 10.4% net of fees in 2012, according to a person familiar with the returns. It lost 3.55% in 2011 and rose 2.12% in 2010.

The firm's Enhanced fund, which employs the