Ajia Partners Asset Management (Apam) CEO Gary Liu has departed as the Hong Kong-based firm winds down its AP Asia Absolute Return Fund following a $300m redemption, HFMWeek can reveal.

Liu worked at the hedge fund arm of alternatives manager AP Capital for nearly ten years, according to his LinkedIn page.

Prior to joining Apam in 2008, he worked at Goldman Sachs for around 10 years and latterly held an executive director role.

During his time at the investment bank, he worked in equity trading, equity derivatives, and wealth management, according to an online bio.

A person familiar with the matter said Liu departed last month for personal reasons, alongside another unnamed professional working in the firm’s operations department.

They declined to disclose the identity of the redeeming allocator, but said the redemption was due to “high level personnel changes” at the investor, and was not related to the performance of the fund.

AP Capital’s client base includes large global financial institutional investors, private banks and family offices from across East Asia, Europe, the Middle East and the Americas, according to its website.

Apam’s overall investment strategy is to capitalise on Asia’s growth, excluding China and Japan.

The AP Asia Absolute Return Fund ran a long-biased, absolute return strategy focusing on fundamental stock selection, aided by top-down macro overlay.

The firm’s AP Asia Alpha Strategy Fund, which takes long and short positions in single stocks across all market caps, will remain open, the person said.

AP Capital also invests in real estate funds and private equity, the latter through its special situations group (SSG) which manages two funds which focus on Greater China and Asia-Pacific respectively.

The firm was founded by Goldman Sachs alum Moses Tsang and Asian Development Bank executive Wyman ‘Paul’ Cheng in 2000.

Tsang started Goldman’s international fixed income group in New York, led the establishment of its fixed income group in Tokyo and headed the debt syndicate group in London.

He was also the chairman of Goldman Sachs in Asia between 1989 and 1994.

In 2011, former AP CEO David Ruan left to team up with his cousin, Amy Yip, the former CEO of DBS Hong Kong, to form multi-strategy hedge fund Rays Capital Partners with $500m from former clients, friends and family.

At its peak, AP Capital had assets under management of around $1bn, but current AuM is not known.

The firm withdrew its SEC registration in August.

It is not clear whether departing CEO Liu will take another role, or whether he has been replaced.

AP Capital declined to comment.