Kenneth D. Brody, co-founder of event-driven hedge fund manager Taconic Capital Advisors, will retire from the firm on Jan. 1.
In a letter to clients of the firm that was obtained by Pensions & Investments, Mr. Brody said he will remain a principal, “significant investor” and adviser to the company. Mr. Brody said he turned 70 this year and has decided to focus on philanthropic work.
Mr. Brody said his departure has been planned “over a considerable period of time,” with co-founder Frank Brosens. For example, Mr. Brosens will assume sole oversight of the firm's risk management process that he has shared with Mr. Brody, the letter said.
Additions to the firm's business operations side over the past two years also will help to cover Mr. Brody's duties, including Lisa Baird, director of talent management and strategy, and David Mullane, head of global client strategy, according to the letter.
Taconic Capital managed $8.2 billion as of Nov. 30 for a mostly institutional clientele.