Gregory Ciongoli, a partner in the public investment group at The Baupost Group, has left the $23bn value-oriented, multi-strategy hedge fund firm, which is headed by Chef Executive Officer and Portfolio Manager Seth Klarman, according to a report by Pensions & Investments Online.

The report cites a company spokesperson as confirming the departure of Ciongoli, who joined the firm in 2007, and that the business has no plans to replace him.

Ciongoli has reportedly left Baupost to pursue an 'entrepreneurial venture' which, according to his LinkedIn profile, is Audiumentum Capital Management where he is Managing Partner, although no details are known about the business at this time.