ASA Gold and Precious Metals (ASA) said Thursday that Chief Operating Officer Axel Merk has resigned, effective immediately.

The fund said Merk submitted his resignation to the board without prior notice and separately disclosed his departure through a press release that included a resignation letter raising concerns about the fund's control environment.

ASA said its control environment remains sound and that the board is focused on ensuring operational and control continuity during any management transition.

The board said it will provide further updates as appropriate.