Hedge fund manager Tom Steyer to leave Farallon Capital

Tom Steyer the billionaire founder of Farallon Capital, one of the world’s biggest hedge funds, told investors on Monday that he plans to step down by year’s end and hand the reins to top lieutenant Andrew Spokes.

In a letter seen by Reuters, Steyer said that his life’s priorities are shifting from investing to giving back and that it was time to make a change at the San Francisco-based firm which oversees about $21 billion in assets.

“As my role has shrunk over time, his has grown, and rightfully so,” Steyer wrote about Spokes, adding: “Now it is time for him to take the reins alone.”

SOURCE: Reuters.