Lone Pine's Mandel Said To Plan Exit From PM Duties In Early 2019

Sep 19 2017 | 11:07pm ET

Famed hedge fund manager Stephen Mandel, who started Lone Pine Capital more than twenty years ago and has one of the best-performing track records in the industry, will reportedly step down from day-to-day portfolio management responsibilities beginning in January of 2019. 

Mandel’s PM duties, which include coverage of health care stocks, will be absorbed by co-managers David Craver, Mala Gaonkar and Kelly Granat, Bloomberg said in an article citing an investor letter.

Mandel founded Greenwich, CT-based Lone Pine in 1997 after a stint as an analyst at Julian Robertson’s famed Tiger Management. The company’s flagship fund has earned an annualized return of 19.5% since inception, Bloomberg added. 

Mandel will remain involved in investment research and mentoring activities, the letter reportedly added, and continue as a member of the firm’s management committee. 

Concurrent with Mandel’s transition, Lone Pine will mesh its three hedge fund vehicles into a single strategy, the article continued. Information as to whether that strategy will be one of the existing three or a new master multi-strategy fund vehicle was not immediately available.


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