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Last updated 20 hours ago
Mar 5 2013 | 11:21am ET
Lansdowne Partners co-founder and CEO Paul Ruddock will step down from the hedge fund he set up 15 years ago this summer.
Ruddock will retire at the end of June, he said yesterday. The 54-year-old millionaire, who was knighted last year for his contributions to the arts, will focus on his the arts and philanthropy.
"The firm is at a very good place," Ruddock told Bloomberg News. "The amount of assets are stable and we've had very little turnover in staff. Clearly, if I didn't feel that, I wouldn't be stepping down."
Lansdowne said it would begin searching for a successor to Ruddock as CEO. It added that Ruddock's departure would not affect the management of the firm's funds, since Ruddock handled the operational end of the US$12.4 billion hedge fund, unlike co-founder Steven Heinz, who is head of its European strategy.
Lansdowne's largest fund, Developed Markets, returned 18% last year, an impressive turnaround following its worst-ever year in 2011, when it dropped 20%. That fund is managed by Merrill Lynch veterans Stuart Roden and Peter Davies, and is up 7.5% this year.