Michael Goldman, founder of Momentum Group, a fund of hedge funds manager he sold for $110m (€92m) in 2002 to Italian bank UniCredit, has left the business.

Alberto La Rocca, chief executive of Pioneer Alternative Investments, UniCredit's fund of hedge funds subsidiary into which Momentum was integrated, said: "This is a natural evolution. We see no need to replace Michael as there is a well-defined and resourced investment process."