Kenneth Brody, who co-founded hedge fund Taconic Capital Advisors 15 years ago, will step away from the firm at the end of the year.
Brody will remain a principal and adviser to the New York-based firm, but will step down from his full-time role by Jan. 1, leaving the firm in the hands of his co-founder, Frank Brosens. In addition, chief investment officer Chris Delong will take on some day-to-day management duties.
"Frank and I have planned for this transition over a considerable period of time, keeping your interests paramount in the process," Brody wrote to clients. "We are confident that the current strength of the Taconic organization makes this an ideal time to begin this transition."
Brody, a former Goldman Sachs management committee member and former president of the U.S. Export-Import Bank, turned 70 earlier this year. He said that Taconic, which has $8.2 billion in assets under management, is "well-positioned with respect to both our investment team and our business function." For his part, he said he plans to focus on his philanthropy.
Brody's exit does not trigger any redemption clauses at Taconic, which is up about 13% this year.