- Ex-Adage money manager Joshua Ross will replace him next month
- Pappendick will remain as chairman before retiring in 2017
Ted Pappendick is leaving as head of Bain Capital’s hedge fund unit and will be replaced by a veteran money manager who had worked at Adage Capital and Och-Ziff Capital Management Group, according to two people with knowledge of the matter.
Joshua Ross, who left Adage this year, will take over the post next month, according to the people, who asked not to be named because the information is private. Pappendick will remain as chairman until he retires in mid-2017, capping a two-decade career at Bain, said one of the people.
Bain has been making changes to the executive ranks to integrate various business units and continue its global expansion. In April, Bain put John Connaughton and Jonathan Lavine in charge of managing the firm day-to-day. It also changed the name of its hedge fund unit from Brookside Capital to Bain Capital Public Equity to reflect its expanding global operations.
Pappendick referred a request for comment to a spokesman. Charlyn Lusk, a spokeswoman for Bain at Stanton Public Relations & Marketing, declined to comment.
Ross will be chief investment officer and portfolio manager of Bain Capital Public Equity, which manages about $4 billion in assets and primarily uses long-short hedge fund strategies. He joined Adage in 2014 from Och-Ziff, where he was a partner and an executive managing director. At Adage, he worked on investments in the financial sector.
Bain Capital oversees more than $75 billion across various asset classes, including private equity, public equity and venture, according to its website.