Paul Chadwick, the long-standing executive director of GMO Australia, has left the firm.

Chadwick, one of the early partners in the Australian office, which was established by academic Ron Bird and now-retired fund manager John McKinnon in the early 1990s, sold his shareholding to the Boston-based parent. Although he could not be contacted for comment yesterday, it is understood that Chadwick will be considering a return to the industry after an extended period of ‘gardening leave’. Before becoming a funds manager, Chadwick – sometimes referred to as the industry’s only genuine rocket scientist – was an engineer for the Boeing company. GMO in Boston has been buying back GMO Australia’s minority shareholdings as previous partners left but recently decided to hasten the process by making Chadwick an offer for his stake. The firm also lost another experienced executive, Jack Gray, last December. Gray was head of strategy commuting between Sydney and Boston. He recently joined the alternatives placement agency Brookvine in a part-time role. GMO has had several departures from its Australian equities team recently, with head Max Cappetta and research boss Anthony Corr departing for an Ascalon-backed boutique last year. Analyst Steve Castellan recently left for the sell-side at Deutsche Bank. Rick Suvak was imported from Boston to replace Cappetta late last year, and Olivia Engel remains as a senior portfolio manager. GMO Australia yesterday deferred comment to GMO’s Boston headquarters.