Ed Garden, one of three founding partners and chief investment officer at Nelson Peltz's activist hedge fund Trian Fund Management, is retiring from the firm after 18 years to focus on personal investments, prompting a reshuffle of the firm's management team, according to a report by Reuters.

Ed Garden, one of three founding partners and chief investment officer (CIO) at Nelson Peltz's activist hedge fund Trian Fund Management, is retiring from the firm after 18 years to focus on personal investments, prompting a reshuffle of the firm's management team, according to a report by Reuters.

The report cites a regulatory filing as revealing that Trian, which was founded in 2005 and has around $7 billion in assets, has promoted two veterans – partners and co-heads of research Josh Frank and Matt Peltz – to co-chief investment officers to replace Garden.

Brian Baldwin, another partner, has also been promoted to head of research.

Matt Peltz is Nelson Peltz's son and Garden is his son-in-law.

The firm's two other founding partners, Nelson Peltz, 80, and Peter May, 80, will remain in their roles as chief executive officer and president.