Money Management

Brandes Investment Partners founder to retire

Charles Brandes, founder of Brandes Investment Partners, announced on Monday he was retiring as chairman of the value equity firm.

Mr. Brandes had begun a leave of absence on Feb. 12 because of divorce proceedings.

"My current personal circumstances have no relevance to the operations of the firm, nor any impact on our investment performance," Mr. Brandes said in a statement Monday.

While Mr. Brandes said an internal review by the firm "found no inappropriate behavior on my part in the workplace," the firm "has been drawn into the recent unfortunate publicity surrounding my private life. … I am satisfied and convinced my decision is in the best interest of the firm."

The company will no longer have anyone serving as chairman, according to a Brandes Investment Partners spokeswomen. Glenn Carlson, partner and former CEO, had been interim chairman since Mr. Brandes' leave of absence began.

Brandes had $31.2 billion in assets under management as of Dec. 31.