Farallon’s Steyer to Step Down as Spokes Named Manager

Thomas Steyer, the founder of $20 billion hedge fund Farallon Capital Management LLC, will exit the firm after more than a quarter century to focus on public service, leaving Andrew Spokes as the sole managing partner.

Steyer, 55, who previously worked at Goldman Sachs Group Inc.’s risk-arbitrage team under former U.S. Treasury Secretary Robert Rubin, started Farallon in 1986. Steyer will remain the second-largest investor in the hedge fund after he departs at year-end and his partners will buy his share of the firm, according to an investor letter.