Microsoft Founder Allen’s Estate Sells Stake in $11 Billion Firm

Paul Allen’s estate has sold its stake in a wealth adviser that was once part of the Microsoft Corp. co-founder’s private investment firm in the latest shake-up of assets tied to the late entrepreneur.

Allen’s estate recently offloaded its holding in Cercano Management, leaving the money manager for the super wealthy fully owned by its employees for the first time since being spun out of the billionaire’s family office four years ago, according to a person with knowledge of the matter.

Paul Allen in 2012.

Photographer: Scott Eells/Bloomberg

Cercano continues to oversee investment assets on behalf of the estate and family foundation of Allen, ...