Echo Street to Return Client Cash, Cites Succession Pitfalls (4)

Echo Street Capital Management, the money manager founded by Greg Poole, is returning outside capital to fund investors, according to an email it sent to clients.

“I have decided to return outside capital to partners in the Echo Street funds,” the firm told clients in a message seen by Bloomberg News. “My decision to return capital is entirely personal. It is a bittersweet one as I am going to miss this relationship tremendously.”

Echo Street’s portfolio manager, George Panos, plans to launch a standalone, market-neutral fund, it said. Poole said he would invest in it, describing that ...