Cadogan execs leave after buyout talks fail-WSJ

NEW YORK Oct 2 (Reuters) - The founder and other top executives of hedge-fund Cadogan Management LLC has quit after talks to spin out the business in a management-led buyout failed, according to a Wall Street Journal online story.

Cadogan, a New York based $3.5 billion hedge fund, is part of the investment management arm of Fortis Bank FORTS.IS, which will come under BNP Paribas (BNPP.PA) control around year end, when the French bank is due to complete its acquisition of Fortis assets.

On Wednesday, several Cadogan executives, including founder and Chief Executive Stuart Leaf, left the fund after talk to make the firm independent fell through over terms of the deal, the Journal story said, citing unnamed sources familiar with the matter.

A person familiar with the matter told Reuters that Leaf had quit and that Cadogan President John Trammell would assume the role of CEO immediately. Will Braman, head of Fortis Investments USA will stay on as chairman of Cadogan, according to the source, who asked not to be named.

Leaf, Trammell nor Braman were not available to comment. BNP Paribas declined comment. (Reporting by Sinead Carew)