Saturday, 23 August 2014
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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note