Richard O. Rieger will step down from his roles as co-chief investment officer, industrial sector head and executive committee member of hedge fund manager Kingdon Capital Management.
Mr. Rieger will become a senior adviser to the firm, a “new role (that) will provide him the opportunity to devote his full efforts to researching and developing important ideas and themes for the funds,” said Mark E. Kingdon, managing member and president, in an investor letter that was obtained by Pensions & Investments.
Michael J. Mackey, Mr. Rieger’s co-CIO, will assume sole responsibility for the position. He will share research coverage of the industrial sector with Mr. Kingdon, the letter said. Mr. Mackey also is a member of the firm’s executive committee.
Kingdon managed $2.8 billion in hedge funds as of June 30.