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Net Net: Promoting innovation and managing change

Balestra loses two of three key execs

James Melcher, Balestra Capital
Jin Lee | Bloomberg | Getty Images

Balestra Capital, the hedge fund firm founded by James Melcher in 1979, is set to lose two senior leaders.

Norman Cerk and Matthew Luckett have decided to resign from the firm on June 30, according to an investor letter obtained by CNBC.com Monday evening.

Cerk and Luckett are co-portfolio managers of Balestra's flagship hedge fund. Cerk joined Balestra in 1997 and is head trader. Luckett joined in 2004 and is responsible for portfolio strategy, research and risk, according to the firm's website.

"Over the last few months, it became increasingly clear that we need a single voice and vision regarding the future of the Firm and the portfolio management of Balestra Capital Partners," the letter said. Melcher will resume serving as the sole portfolio manager for the fund. Balestra managed $1.64 billion as of Jan. 1, according to a regulatory filing.

A spokeswoman for Balestra did not immediately respond to a request for comment.