Guy Hands stepped down as CIO and chairman at private equity firm Terra Firma, fulfilling a personal long-term objective to do so as he reaches his 64th birthday.
Mr. Hands' birthday is in August, according to U.K. government company registration platform, Companies House.
Mr. Hands wants to "change the focus of his life" to have more time to work on his and his wife's philanthropic interests. He will also continue to be involved in the portfolio businesses under Hands Family Investments and Annington, a residential housing platform and a legacy Terra Firma fund investment. Mr. Hands sits on the boards that work with those investments, said a statement provided by a spokesman. Mr. Hands will also focus on other charitable areas.
The private equity firm "will now enter its next phase," led by Paul Hatter, chief operating officer, and Richard Hands, managing director responsible for residential investments and new deals, the statement said.
Terra Firma was founded through a spinout of Nomura International's Principal Finance Group in 2002, which Mr. Hands established having joined Nomura in 1994. PFG used securitized debt to finance acquisitions involving trains, housing and other areas.
Terra Firma has invested €18 billion ($20.2 billion) in 39 businesses since 1994.