Kenneth D. Brody Bailey McCann, Opalesque New York:
Kenneth D. Brody, co-≠‐founder
1999, will retire effective January 1, 2014, according to a letter to investors sent Tuesday. Taconic manages approximately $8.2bn in assets. Brody will remain a principal, significant investor and advisor to the firm.
"I have been reflecting on the next phase of my life and have decided I want to spend more time working directly with non-profit organizations I strongly support that are concerned with the mental and physical well-being of young people," Brody wrote in the letter. "This is the right time for me to step back and let the great team we have assembled at Taconic, led by Frank (Brosens), to step up and take over."
According to the letter, the transition plan has been in the works for some time. The firm remains confident in its ability to perform and the opportunity set it invests in. The letter also notes that the co-founders have been working to "deepen" their investment teams in both London and New York, as well as adding to the Asia team in Hong Kong.
Brosens and Chris Delong, Taconic's chief investment officer, will continue to lead the firm. The letter notes that some internal promotions have taken place as well, ahead of the announcement. Betsy Keeley was promoted to General Counsel, Alyssa Yavner to Chief Financial Officer, and Alexandra Grigos to Director of Operatio......................
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