A $16 billion activist investor is reportedly handing over the reins to the next generation

ValueAct's Jeff Ubben is handing power over to the next generation - protégé Mason Morfit, according to The Wall Street Journal.

Morfit, 41, is currently the fund's president and will become the $16 billion activist hedge fund firm's chief investment officer, according to the Journal.

Earlier this month, Morfit presented on behalf of the firm at the 13D Monitor's Active-Passive Investor Summit, announcing the activist fund's position in KKR.

A spokesperson for ValueAct didn't immediately comment.

You can read the full story at The Wall Street Journal.