Maverick Strategist Galbraith Announces Exit

Sep 7 2012 | 10:29am ET

One of Maverick Capital's 16 partners will leave the firm, possibly to start a hedge fund of his own.

Steve Galbraith announced his exit on Tuesday, The Wall Street Journal reports. He could leave the hedge fund as soon as the end of this month.

Galbraith spent eight years at Maverick, serving as its chief macroeconomic strategist. He has worked closely with Maverick founder Lee Ainslie and the firm's sector heads on stock picks.

"Steve has been a great partner and friend and has made significant contributions to our success over the years," Ainslie told the Journal. "All of us at Maverick are excited for Steve and wish him the best in his new endeavor."

Galbraith's precise plans remain fluid, but he is mulling the launch of an investment firm. He joined Maverick from Morgan Stanley after a stint as the bank's chief investment officer and chief U.S. investment strategist, and was formerly at Sanford C. Bernstein & Co.

Maverick has informed some investors of Galbraith's departure, which has been discussed for some time within the firm. It will explain its transition plans in its quarterly letter next month.


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