John Corr, chief investment officer of Fortitude Capital, will become majority owner of the hedge fund after fellow co-founder Tim McGowan exits in May.

Corr’s stake in the business will increase to 60 per cent after buying McGowan’s 30 per cent share, as the fund’s chief executive goes on sabbatical.

MFS Alternative Asset Limited (MFS AAL), an unlisted trust that bought stakes in alternatives managers such as HFA and Vantage Private Equity Growth, owns the remaining 40 per cent of Fortitude.

Octaviar, the administrator of the stricken MFS, is responsible for MFS AAL.

Early last year the Fortitude co-founders split investment and management responsibilities, with McGowan becoming CEO and Corr focusing on the portfolio.

Corr will now assume responsibility for the daily operations of the business and delegate some duties to longer-serving staff members, M&A analyst Sheridan Hure and convergence trading analyst Andrew Ward. Corr and McGowan established the business five years ago.