Farrell to Step Down From Helm of $2 Billion Bronson Point FundNathaniel Baker and Simone Foxman
Paul Farrell is resigning from Bronson Point Management six years after co-founding the $2 billion hedge fund firm.
Bronson Point co-founder Larry Foley wrote in a letter to clients obtained by Bloomberg News that Farrell, 53, planned to “shift gears in his life” and relinquish his role as a co-money manager at the firm. Farrell will continue to be an adviser at Fairfield, Connecticut-based Bronson Point, in which he has a “significant personal investment,” according to the letter.
Bronson Point, which makes bets on rising and falling stocks, started with $80 million. Farrell was a former executive at Pequot Capital Management and Foley previously worked for SAC Capital Advisors LP. Foley, 56, will become sole money manager and Adam Stanislavsky, a member of Bronson Point’s investment committee, will take over the firm’s fundamental research.
Nathaniel Garnick, a spokesman for Bronson Point with Sard Verbinnen & Co., declined to comment on the departure.