Julian Robertson, the billionaire who once ran one of the world's largest hedge funds, will take over as chairman of Forstmann Little & Co., the private-equity company co-founded by Ted Forstmann, who died Nov. 20, according to a person familiar with the New York-based firm.
Mr. Robertson, 79, will oversee the sale of Forstmann Little's three assets: IMG Worldwide Inc., a sports- and fashion- marketing company; 24 Hour Fitness Worldwide Inc., a chain of health clubs; and ENK International, a company that runs trade shows for the fashion industry, said the person, who asked not to be identified because the firm is private.
Mr. Forstmann, who underwent surgery for brain cancer earlier this year, was a longtime friend of Mr. Robertson's and named him as his successor before he died, the person said.
Robertson started his firm, Tiger Management LLC, in 1980, and by mid-1998 assets had soared to about $22 billion on the back of Robertson's average annual returns of 32%.
Over the following 18 months, losses and investor withdrawals reduced assets to about $6 billion and in March 2000, Mr. Robertson, then 67, announced he would close Tiger to outside investors. Since then he has run a business providing seed capital to hedge-fund managers.
Mr. Robertson, through a spokesman, declined to comment. Anna Cordasco, a spokeswoman for Forstmann Little, wasn't immediately available for comment.