• Promotion may set up possible succession plan at hedge fund
  • Jon Pollock has been co-chief investment officer since 2011

Elliott Management named longtime executive Jonathan Pollock to be its co-chief executive officer, a move that may put in place a possible succession plan at the hedge fund firm founded by billionaire Paul Singer almost four decades ago.

“With this promotion, Jon and I will share both the chief executive and chief investment officer roles,” Singer, 71, said in an e-mail to employees on Monday. “Jon’s promotion recognizes his continuing role overseeing significant parts of the organization.” Pollock, 52, will take on the new role in January.

Elliott, which boasts one of the best long-term track records in the industry, is known for distressed investing. One of its highest-profile wagers has been as a holdout creditor in Argentine bonds, a bet that it’s held for at least 14 years.

As hedge funds grow larger and more institutional, founders are looking for ways to ensure that their firms continue even after they retire. Thomas Steyer, who ran his Farallon Capital Management for a quarter century, passed on leadership to Andrew Spokes in 2012 to focus on public service. Bruce Kovner handed the reins of Caxton Associates to Andrew Law four years ago.

Singer says he has no immediate plans to retire, according to the New York Times, which earlier reported the promotion.

Pollock joined Elliott in 1989 as an analyst and rose to senior portfolio manager. He opened offices in London, Hong Kong and Tokyo. He was named co-CIO in 2011.

Singer, who started Elliott in 1977, also said in the e-mail that Rich Ritholz is now an equity partner in the firm. Ritholz joined Elliott in 2005, and is global head of commodities trading, head of research and a member of the management committee. Other partners, in addition to Singer, are Pollock, Gordon Singer and Steve Kasoff.

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