Atreides taps Lone Pine co-CIO in senior leadership hire

Technology-focused hedge fund Atreides Management has bolstered its senior investment team by hiring Lone Pine’s co-chief investment officer Kelly Granat, according to a Financial Times report. Granat is anticipated to take on the role of president and co-CIO at Atreides early next year, joining forces with fellow co-CIO Gavin Baker.

The appointment marks a significant leadership shift for Atreides, which oversees roughly $15 billion in assets and has a proven track record of early investments in high-growth technology firms, such as SpaceX and Cerebras Systems. Gavin Baker, who spent 18 years at Fidelity Investments before departing in 2017, is now a well-known technology investor, backing companies linked to Elon Musk such as Tesla and SpaceX.

Granat comes from Lone Pine Management, a $20 billion long-short hedge fund established by ex-Tiger Management portfolio manager Steve Mandel in 1997. She has spent nearly two decades at the firm, most recently serving as co-CIO. Lone Pine disclosed Granat's departure on Friday, stating that the changes were part of a long-term succession strategy.

The firm announced that Rahul Anne and David Craver would assume the role of co-CIO, with Craver retaining the final investment decision-making authority under the new setup. Lone Pine reportedly suffered a 36% loss in 2022, with LCH Investments estimating the firm to have incurred around $10.9 billion in losses that year. Despite the setbacks, Lone Pine's long-short strategy has produced an annualized return of 14.2% since its inception, as of the end of June, according to a source familiar with the firm's performance. Atreides and Lone Pine were reportedly uninterested in commenting on Granat's move.