Health reasons have prompted Jos Shaver, the founder of $3bn New York-based hedge fund firm Electron Capital Partners, to step-down from his role as Chief Investment officer and Managing Partner of the business, according to a report by Bloomberg.
The report quotes Shaver as saying in a letter sent to clients on Friday, that while he is stepping back from daytime day-to-day management of the both the portfolio and the firm, he is planning to “remain an active presence at Electron”.
Shaver’s role at the firm, which focuses on investments connected to the globe transition away from fossil fuels, will pass to Ran Zhou, a partner and portfolio manager, who has been with he business sine 2005.
Electron has returned 10% on an annualised basis since its inception in 2005 although a fall in the value of clean energy companies and utilities this year has lead to losses of 10% up to the end of September.
