Two of the fund managers praised less than a fortnight ago by Absolute Capital Management's chief executive for their quick reaction to the turmoil caused by the shock departure of co-founder Florian Homm have quit the hedge fund.

Absolute Capital confirmed in a statement yesterday that Frank Siebrecht and Stefan Heieck, who jointly managed the group's Germany fund, have resigned as directors of the fund citing personal reasons. The company did not divulge further reasons for the departures, and could not be reached for comment this morning.