GERMANY - FERI Institutional Advisors (FIA), the German investment consultant, has lost its entire hedge fund advisory team, as well as Werner Goricki, the head of the unit, it has emerged. Yesterday, IPE reported that FIA had lost Goricki and two members.

The five will leave by the end of March, IPE understands, although there are thought to be advanced plans to replace them. FIA declined to comment, as did Goricki.

Sources close to events told IPE yesterday that Goricki's departure was partly due to by FIA's recent decision to combine his team with that for private equity to create a new alternatives advising team.

The managing director responsible for private equity advising was Bernd Kreuter and he, instead of Goricki, was named head of the new alternatives team. Kreuter is one of FIA's six remaining MDs, all of whom report to Arnd Thorn, chief executive of Bad Homburg-based FERI.

Since 2003, FIA has been hit by an exodus of senior consultants, several of whom have joined rivals such as Faros and Watson Wyatt.