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* Ruddock to focus on arts, charity work
* Lansdowne manages $12.4 bln
* Ruddock received controversial knighthood in 2012
By Laurence Fletcher
LONDON, March 4 (Reuters) - Lansdowne Partners, one of theworld's best-known hedge fund managers, said that Paul Ruddockis to retire as chief executive to focus on his work in the artsand charity sectors.
Ruddock, who ranks among Britain's richest financiers,co-founded Lansdowne in 1998 with Steven Heinz and has been amajor donor to the arts and to Britain's ruling Conservativeparty.
The 54-year-old, who doesn't make investment decisions inthe firm's funds, will hand over his responsibilities at the endof June but will remain a significant shareholder, the firm saidin a statement on Monday.
Lansdowne, a major shareholder in Lloyds Banking Group and Manchester United, manages $12.4 billionand employs 85 people.
Its main fund, the $8.9 billion Developed Markets fund,returned 18 percent last year and is up more than 7.5 percent sofar this year.
Ruddock, whose personal fortune was estimated at 270 millionpounds ($407 million) in last year's Sunday Times Rich List,received a knighthood in 2012 amid criticism from somecommentators over the firm's role in short-selling - bettingagainst - bank shares during the credit crisis.
He is chairman of London's Victoria & Albert museum and atrustee of New York's Metropolitan Museum of Art.
"I now feel it is an appropriate moment to step down fromLansdowne to focus on my interests in the arts and helpingaddress social issues," Ruddock said in the statement.
