A source close to the firm claimed that Charles Jennings and Julian Reddyhough were voted out at the conference, which took place on the Cayman Islands, after serving two years in the joint role.
The firm declined to comment on whether there had been a vote, saying that Jennings and Reddyhough had decided to retire.
Cayman funds partner Henry Smith, who will replace the pair in the new position of global managing partner, said: “We’re sorry to say farewell to Charles and Julian, who have decided to retire. Everyone at the firm owes them a debt of gratitude for their enormous contribution to the extraordinary growth of the firm during their time here.
Jennings said: “I’ve been part of the management team at Maples and Calder for many years and am proud of what we’ve achieved.
“As I’m close to retirement age, I feel that this is an appropriate time to step aside. My partners are close personal friends as well as colleagues and I have full confidence in their stewardship of the firm.”
As part of the shake-up the firm has installed a new management committee that will oversee the co-ordination of the Maples Group, which includes offices in British Virgin Islands, Cayman Islands, Dubai, Dublin, Hong Kong, Jersey and London.
The new management committee will be made up of Smith, Cayman funds partner David Brooks, Cayman corporate partner Gareth Griffiths, Hong Kong managing partner Christine Chang and Dublin managing partner Andrew Doyle.
Griffiths will take on the role of managing partner of the firm’s Cayman Islands office while Brooks has been appointed chairman of Maples Finance, the fiduciary and fund administration service provider, to help oversee global strategy.
Jennings and Reddyhough became managing partners in 2007 after the firm’s former senior partner Anthony Travers retired.