Baron Capital Group president and chief operating officer Morty Schaja and portfolio manager Mitch Rubin will depart the firm next month to form a hedge fund venture.

Rubin managed the Baron Fifth Avenue Growth and the Baron iOpportunity for the New York-based firm. Effective March 3, senior portfolio managers Ron Baron, Cliff Greenberg and Andrew Peck took over his duties at the $134 million Fifth Avenue Growth fund as the firm searches for a permanent replacement. Mike Lippert has been named portfolio manager for the $154 million iOpportunity fund.

"There will be no changes to the investment strategies followed by Baron Fifth Avenue Growth and Baron iOpportunity as a result of the change in managers," Baron said in a statement.

The firm has yet to name a replacement for Schaja. 

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