San Diego-based REO asset management firm New Vista Asset Management announced that Brian Hurley, president and chief operating officer, is leaving the company to pursue new opportunities.

His departure comes in the wake of a multi-month strategic transition in which the firm recognizes that it's seeing "ongoing declines in default-market inventory," according to a press statement.

In addition, the firm noted it's working through new designs for New Vista’s multicultural real estate networks.

Hurley’s role will be assumed by New Vista co-founders Gary Acosta and Jim Park.

"I am exceptionally proud of what we have accomplished at New Vista," Hurley said in a statement.

"While successfully managing the transaction mechanics of a housing recovery, our team has elevated the national housing dialogue to include an abiding focus on owner-occupancy and diversity. By illustrating the strategic connections between the pace and pattern of recovery and the housing markets ahead, our accomplishments far exceeded successful REO dispositions."