By Laurence Fletcher
LONDON (Reuters) - Lansdowne Partners, one of the world's best-known hedge fund managers, said Paul Ruddock is to retire as chief executive to focus on his work in the arts and on charity work.
Ruddock, who co-founded Lansdowne in 1998 with Steven Heinz, is to hand over his responsibilities at the end of June. He will remain as a significant shareholder, the firm said in a statement.
Lansdowne manages $12.4 billion. Its main fund, the $8.9 billion Developed Markets fund, returned 18 percent last year and is up more than 7.5 percent so far this year.
Ruddock, a major donor to the arts who received a knighthood in 2012, is chairman of London's Victoria & Albert museum.
(This story corrects to show Ruddock received knighthood in 2012, not 2007)
(Reporting by Laurence Fletcher; Editing by Tommy Wilkes)