By Svea Herbst-Bayliss
BOSTON (Reuters) - Marathon Asset Management's long-serving president and chief operating officer, Andrew Rabinowitz, is leaving the $22 billion hedge fund and his duties will be split among a trio of firm veterans, two people familiar with the matter said.
Rabinowitz, who spent nearly two decades helping grow Marathon into one of the world's biggest credit-oriented hedge funds, plans to leave next month to take a position outside of the investment management industry, said the people, who requested anonymity to discuss personnel matters.
Jamie Raboy, Christine Chartouni and Jason Friedman will take on Rabinowitz' day-to-day responsibilities, ensuring a sense of continuity at the firm, which was founded in 1998 by Bruce Richards and Louis Hanover.
Marathon has given Raboy, currently its chief risk officer, the additional title of chief operating officer. Chartouni, Marathon's chief compliance officer, will also be the firm's chief legal officer. Friedman, head of corporate credit strategy, will take on the role of global head of business development, the sources said.
Rabinowitz, an attorney who previously specialized in hedge funds at law firm Schulte Roth & Zabel, joined Marathon in 2002. He will remain a member of Marathon's governance committee.
For years, he was a fixture on the hedge fund industry conference circuit and is known for founding the R Baby Foundation, which donates to hospitals to improve pediatric emergency care.
Marathon, whose assets have grown by roughly $10 billion in the last five years, sold a minority stake to Blackstone Group (NYSE:BX) through the Strategic Capital Holdings fund in 2016. After the 2008 financial crisis, Marathon was selected by the U.S. Treasury Department as one of the managers of its Public Private Partnership program.