A $16 billion activist investor is reportedly handing over the reins to the next generation

Mason MorfitChannel 9ValueAct’s Mason Morfit.

ValueAct’s Jeff Ubben is handing power over to the next generation — protégé Mason Morfit, according to The Wall Street Journal.

Morfit, 41, is currently the fund’s president and will become the $US16 billion activist hedge fund firm’s chief investment officer, according to the Journal.

Earlier this month, Morfit presented on behalf of the firm at the 13D Monitor’s Active-Passive Investor Summit, announcing the activist fund’s position in KKR.

A spokesperson for ValueAct didn’t immediately comment.

You can read the full story at The Wall Street Journal.

More from Rachael Levy:

NOW WATCH: SCOTT GALLOWAY: I believe every time Amazon reports a profit a manager gets yelled at

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.