Magnetar’s Founder Litowitz Steps Down From $14 Billion Firm
- David Snyderman will take over as firm’s new managing partner
- Firm has generated $9.7 billion of net profit since inception
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Magnetar Capital founder Alec Litowitz is relinquishing control of the multi-strategy hedge fund he started in 2005 and will be succeeded by David Snyderman.
Litowitz, 55, will become a senior adviser to the firm, which manages $14 billion, and remain an owner and significant investor, he told clients in a letter Tuesday. Snyderman, 51, takes over as managing partner of Evanston, Illinois-based Magnetar.