Hicks to retire 3 months earlier than announced

Tom Hicks, founding partner of private equity firm Hicks, Muse, Tate & Furst, will retire from the firm on Jan. 1, not in March as previously announced, according to his farewell speech to limited partners at Hicks Muse's annual meeting. Mr. Hicks said he will set up a new buyout firm, Hicks Holdings, which will also be a holding company for his Texas Rangers and Dallas Stars professional sports teams and his real estate assets. Mr. Hicks' new firm will not compete with Hicks Muse, he said. Investors in the funds will be the Hicks family and other investors on a one-off basis, he said.