Atreides Management, the technology-focused hedge fund founded by former Fidelity investor Gavin Baker, is strengthening its senior investment team with the appointment of Lone Pine’s co-chief investment officer Kelly Granat, according to a report by the Financial Times.

Granat is expected to join Atreides early next year as president and co-CIO, working alongside Baker as the firm continues to expand its technology-driven investment strategy.

The move represents a significant leadership change at Atreides, which manages approximately $15bn and has built a reputation for early investments in high-growth technology companies, including SpaceX and semiconductor business Cerebras Systems.

Baker, who spent 18 years at Fidelity Investments before leaving in 2017, has become a prominent technology investor and has backed several companies associated with Elon Musk, including Tesla and SpaceX.

Granat joins from Lone Pine Management, the approximately $20bn long-short hedge fund founded by former Tiger Management portfolio manager Steve Mandel in 1997. She has spent almost two decades at the firm and most recently served as co-CIO.

Lone Pine informed investors of Granat’s departure on Friday, describing the changes as part of a long-term succession process. The firm said Rahul Anne would become co-CIO alongside David Craver, who previously shared the role with Granat.

Craver will retain final investment decision-making authority under the new structure.

Lone Pine reportedly lost around 36% in 2022, with LCH Investments estimating that the firm suffered approximately $10.9 billion in losses that year.

Despite those setbacks, the firm's long-short strategy has generated an annualised return of 14.2% since inception through the end of June, according to an investor familiar with the firm's figures.

Atreides and Lone Pine reportedly declined to comment on Granat’s move.