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Magnetar Capital's founder Litowitz steps down

·1 min read

NEW YORK, June 7 (Reuters) - Alternative asset manager Magnetar Capital said on Tuesday its founder and Chief Executive Officer, Alec Litowitz, has stepped down from his executive role and will become a senior adviser.

Co-founder Ross Laser will remain as president, while David Snyderman, chief investment officer of Magnetar's alternative credit and fixed-income unit, was appointed managing partner.

Litowitz, 55, said in a statement he will continue as both an owner and an investor in Magnetar's funds, while also counseling the firm.

"After 28 years being day-to-day in the hedge fund business, I’m excited about having more time to embrace my curiosity for visionary ideas and to leverage my previous investment experience to solve some of society’s biggest challenges," he said in a statement.

Magnetar has $13.8 billion in assets under management, which range from fixed income to infrastructure and systematic investing strategies.

(Reporting by Carolina Mandl; Editing by Lisa Shumaker)