Dec 3 (Reuters) – Kenneth Brody, who co-founded Taconic Capital Advisors LP after spending decades at Goldman Sachs, told clients on Tuesday that he plans to retire from day-to-day management at the $8.2 billion hedge fund at the end of the year.<\/p>\n
Brody, 70, co-founded the multi-strategy hedge fund in 1999 with Frank Brosens, 56, and said that he will stay on as an advisor and investor, he wrote in a letter sent to clients and seen by Reuters.<\/p>\n
Brody’s decision comes at a time a number of hedge fund founders have stepped away from their firms, raising questions among investors about the durability of the businesses and whether they can survive beyond a founder’s departure.<\/p>\n
Taconic said it has been planning for Brody’s departure and that Brody’s co-founder, Brosens, together with Chief Investment Officer Chris DeLong, will continue to oversee the investment team at the New York-based fund.<\/p>\n