Thursday, 7 May 2015
Last updated 15 hours ago
Oct 27 2009 | 12:54pm ET
Farallon Capital Management, the huge San Francisco hedge fund, is thinking succession plans. The $18 billion firm plans to officially name co-managing partner Andrew Spokes as its second-in-command and heir apparent to founder Thomas Steyer.
Under the proposal, which must be approved by more than half of the firm’s investors by tomorrow, Farallon would be liquidated only if both men left the firm, Bloomberg News reports. Despite the succession plan, the 52-year-old Steyer has no plans to retire or otherwise leave the firm, according to Bloomberg’s sources.
If approved, the new structure will become effective on Jan. 1.
Steyer founded Farallon, now the ninth-largest hedge fund in the U.S., in 1986. Spokes joined the firm 11 years later from Goldman Sachs, first running its London affiliate before being promoted to co-managing partner two-and-a-half years ago. Farallon suffered its first-ever annual loss last year, dropping 24% and imposing redemption restrictions. But it has bounced back this year, rising 27.5% through the first half of October.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…