Echo Street Capital (Echo Street), is set to return outside capital to fund investors due to anxieties about leadership transition, according to a report by Bloomberg.
The money manager founded by Greg Poole announced this decision in an email. Bloomberg quoted Poole in the email as saying, “My decision to return capital is entirely personal. It is a bittersweet one as I am going to miss this relationship tremendously.”
The email also noted that attempts by founders to pass on leadership to the next generation is risk heavy.
Echo Street’s portfolio manager, George Panos, plans to launch a standalone, market-neutral fund, which Poole will be investing in.
