Skip to content

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
Alec Litowitz
Alec LitowitzSource: AP Images
Updated on

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.