Wednesday, 25 November 2015
Last updated 3 min 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…