Scott Shleifer, the head of the $30bn-plus private equity business at Chase Coleman’s $58bn hedge fund firm Tiger Global, is to step down from his role at the end of this year, according to a report by The Financial Times.
Shleifer, who was one of the company’s first hires, has worked mainly from home or on the road visiting clients and potential investments, since moving to a multi-million dollar estate in Palm Beach, Florida during the coronavirus pandemic.
In a letter to investors announcing Shleifer’s departure, Tiger Global said it wants all of its investment team to work from the firm’s New York headquarters believing that to be a “better operating model for our firm”.
The letter said: “Scott’s decision to make this move after two decades of successful partnership is based largely on geography. Tiger Global is operating in-person out of our New York offices, whereas Scott and his family have made their home in Florida and want to stay there.”
Shleifer will remain as a senior adviser to Tiger, while his private equity role will be replaced with an investment committee chaired by Coleman and consisting of Shleifer and partners Evan Feinberg, Eric Lane and Griffin Schroeder.
