Whitehaven Asset Management is set to return capital to investors and transition into a family office, according to a report by Bloomberg citing Managing Partner Scott Richman. The Greenwich, Connecticut-based firm, which focuses on municipal and corporate bonds, plans to wind down external capital during 2026, with the family office structure expected to be in place in 2027.

Richman said he will manage his own capital under the new structure, broadening the investment remit beyond fixed income. Whitehaven’s flagship Whitehaven Credit Opportunities Master Fund manages approximately $1.3bn in assets and has delivered positive net returns every year since its launch in 2014, including a 28.15% net gain in 2020.

Separately, Whitehaven’s Head of Business Development Paul Ferrarese will retire from Wall Street as part of the transition. Ferrarese previously served as head of municipal institutional sales at Goldman Sachs.