The founders of $6.9 billion hedge-fund firm Senator Investment Group are splitting up after 12 years together, following a rift that had grown between the two.

Alexander Klabin, 43 years old, plans to leave Senator in the spring to “pursue entrepreneurial investments” and spend more time with his family, the hedge-fund firm wrote in an investor letter Thursday. His departure triggers a special chance for the hedge fund’s investors to withdraw their money.

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