William H. Reaves, non-executive chairman of the eponymous money management firm he founded 48 years ago, will retire from the company at the end of May.
In a telephone interview, Ronald Sorenson, CEO and CIO of W.H. Reaves & Co., said Mr. Reaves whom he called the firms eminence grise wont be leaving the field entirely. Hell be managing his own portfolio. He loves the business, Mr. Sorenson said.
The manager, with $1.24 billion in client assets as of March 31, invests in telecommunications, electric utilities, gas utilities, energy and water.