Tse joined the firm in January 2007, and has been the CEO of Value Partners since June 2012, according to the firm. He is also an executive director.
He is expected to remain with the firm for his three months’ notice period, the Hong Kong-listed group said in a statement to the stock exchange late Wednesday.
A spokeswoman said the firm is still reviewing whether a replacement CEO will be hired externally or internally.
Tse did not reveal whether he is taking a new position at another firm and he may want to take a break before deciding his next step, the spokeswoman added.
Acting CEO until a replacement is found will be chairman and co-CIO Cheah Cheng-hye. Cheah, the 62-year-old co-founder of Value Partners, is now receiving an annual salary of HK$6.06m, plus a discretionary Chinese New Year bonus equivalent to one month of his salary, and a year-end discretionary bonus of up to 23% of the firm’s net profit pool as a management bonus, the firm revealed in the statement.
He also owns about a 25% stake of the listed group, which has a total market capitalisation of HK$13.4bn ($1.73bn).
The firm suffered a poor first-half result because its China-focused funds had heavy capital outflows that started after the A-share market crash in Q3 2015.
At the end of September, the firm had $14bn of assets under management, slightly picking up from the lows seen in May and June ($13.3bn). It recorded a net outflow of $1.8bn in the first three quarters of this year.