Alec Litowitz, founder and CEO of multistrategy alternatives manager Magnetar Capital, will step down as leader of the firm and transition to the role of senior adviser over the next few months.
He will remain an owner of the firm he co-founded in 2005.
David Snyderman will replace Mr. Litowitz as managing partner, a title change, said a company spokeswoman.
Mr. Snyderman will retain his role as chief investment officer and global head of Magnetar's alternative credit and fixed-income business.
Ross Laser, who co-founded the firm with Mr. Litowitz, will continue to serve as president.
As part of the transition, Magnetar will award equity ownership to "key team members across the organization," a news release said.
"It has been a privilege to work with Ross and Dave to build Magnetar," Mr. Litowitz said in the release, noting that the announcement of the leadership change "is a key step to fulfilling our original vision and positioning the firm for the next decade."
Mr. Snyderman said Mr. Litowitz "had the vision and foresight to build Magnetar into a collaborative, integrated firm."
Magnetar managed $13.8 billion as of May 1.
