Jeffrey Ubben is handing over the reins — at least when it comes to investing — at his $16 billion hedge fund ValueAct.

Ubben, 55, will continue to serve as CEO, but ValueAct’s current president Mason Morfit will become chief investment officer in July, according to a letter ValueAct sent to investors Monday.

Morfit, who last month was the one to reveal ValueAct’s surprise investment in private equity firm KKR at a conference in New York, was already seen as Ubben’s likely successor.

Still, the timing of the transition was somewhat of a surprise. Just three months ago Ubben talked about serving as a portfolio manager for at least a little while longer.

“I do think its a young man’s business and I don’t think I’ll be the portfolio manager of ValueAct in five years… or two years,” Ubben said at a Reuters conference in February.

When pressed about his five-year plan, Ubben seemed to signal an intent to stay with ValueAct.

“Well, I don’t collect art. I don’t play golf. I don’t know if I’m going to be doing anything differently,” Ubben said.

News of Ubben’s move was first reported by the Financial Times.