Farallon Announces Succession Plan

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.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note