Briefly

Wood River Capital Management will be asked to resign as manager of its offshore hedge fund amid an investigation of the company by the U.S. Securities and Exchange Commission, the fund’s directors said.

John Whittier, founder of Wood River Capital, will also be asked to step down as a director of the Cayman Islands-registered fund, according to a letter to investors from the fund’s board. Whittier didn’t attend Monday’s meeting of the fund’s three other directors on “advice of counsel,” the letter said.

Whittier, 39, a former analyst at Donaldson, Lufkin & Jenrette Inc., formed Wood River Capital in 1997. Messages left Tuesday at his offices in Ketchum, Idaho, and San Francisco weren’t returned.