Frank Tuil is departing Elliott Management more two decades at the firm. The legendary French investor helped Elliott position itself as a top activist shop across Europe from the firm’s London office. Investors cheered him and investors feared him. Some of his most notable activist campaigns included efforts at French spirits maker Pernod Richard and German chemical giant Bayer.

Frank Tuil Departs Elliott

The departure comes the same week the Autorité des Marchés Financiers slapped  Elliott Management with a €20m fine for obstructing an investigation. The fine dates back to a tender offer in 2015 by XPO Logistics to take over French rival Norbert Dentressangle. The French regulator said that the company had “inaccurate and late reports,” failed to disclose its positions, and “obstructed the AMF’s investigation. The fine is one of the largest ever imposed by the agency.

Meanwhile, Tuil had established himself under the Gordon Singer, who ran the European office and is the son of founder Paul Singer. The hedge had pushed into Europe in recent decades thanks to less protectionism in the region. Tuil succeded in activist campaigns across France and Germany, despite the historical opposition to the practice. He had worked on the deal that merged Bayer with agribusiness giant Monsanto and helped the hedge fund successfully takeover of AC Milan.