Gavin Baker’s $15bn investment firm Atreides Management has hired Lone Pine’s co-chief investment officer in a major leadership shake-up for the ‘Tiger cub’ hedge fund. Kelly Granat will begin early next year as Atreides’ president and co-chief investment officer alongside Baker, said multiple people familiar with the matter. Atreides is a major tech investor that has made prescient bets on SpaceX and semiconductor group Cerebras Systems. Baker is well known for his time as a stock picker at Fidelity Investments, where he worked for 18 years before leaving in 2017. He has been a major investor in several enterprises of Elon Musk, including Tesla and SpaceX.

Granat has had an almost two-decade run at Lone Pine, which was founded by Tiger Management alumnus Steve Mandel in 1997. With about $20bn in assets under management, it is one of Wall Street’s largest long-short hedge funds. Atreides and Lone Pine declined to comment. Lone Pine notified investors on Friday that Granat would be stepping down from the firm, according to a letter seen by the FT. The firm is among a generation of hedge funds grappling with succession plans as their founders begin to reckon with what their groups might look like without them in charge.

“The changes outlined above reflect years of thoughtful succession planning and the continued evolution of our organisation,” Lone Pine wrote in the letter. The fund also announced Rahul Anne would become co-chief investment officer, alongside David Craver, who worked alongside Granat. Craver will still have “final decision-making authority”, according to the letter. Mandel stepped down from day-to-day management in 2019, leaving Craver, Granat and Mala Gaonkar to manage the investment portfolio. Gaonkar left a few years later to start her own hedge fund, Surgo Cap Partners. While Mandel is among the most successful of the so-called Tiger cubs that emerged from the Tiger Management hedge fund started by famed stock picker Julian Robertson, his fund has endured drawdowns in recent years. In particular, Lone Pine and other disciples of Tiger Management suffered steep losses in 2022, when the hedge fund was reportedly down 36 per cent. At the time, LCH Investments estimated Lone Pine had lost $10.9bn during the period. It has since had profitable years, and the FT previously reported the firm’s long-short fund gained 23 per cent between the start of 2025 and September of that year.