BOSTON, May 15 (Reuters) - Activist hedge fund investor Jeffrey Ubben is handing over the reins of his $16 billion hedge fund ValueAct Capital Mangement LP by promoting his long-time business partner Mason Morfit to the position of chief investment officer.
In a letter sent to investors on Monday, Ubben said that Morfit, 41, would take on the post in July, giving him the last word on the kind of investments the San Francisco-based firm will make. He has been a partner for more than a decade and is currently ValueAct's president.
Ubben, 54, will remain the fund's chief executive. (Reporting by Svea Herbst-Bayliss; Editing by Andrew Hay)