Hipgnosis Song Management announced on Tuesday that Merck Mercuriadis will be stepping down as chairman of the music investment advisor. In giving his notice, which goes into effect upon closing of the proposed acquisition of Hipgnosis Songs Fund to private equity giant Blackstone, HSM’s founder called it the “right time” and a “timely opportunity for me to undertake a strategic shift of focus.”

“With Hipgnosis Songs Fund and Hipgnosis Songs Assets we have created an outstanding catalogue of rights to an unrivalled collection of iconic and culturally important songs from phenomenal songwriters who I knew would be proud to stand next to each other,” Mercuriadis said in a prepared statement. “HSM has been built on an ethos that has always put the songwriting community first and I am unwavering in the commitment I made to all our songwriters. I have always envisioned bringing songwriters together globally and organized to ensure they have a voice at the table, representing the consensus views of their community, in discussions about their compensation.”

Added Ben Katovsky, CEO of Hipgnosis Song Management: “Merck’s vision and passion in creating Hipgnosis, assembling an extraordinary portfolio of iconic songs and campaigning for songwriters to be fairly paid has been instrumental in Hipgnosis’ journey to date. I am grateful for his support and the trust that has been placed in me and the HSM team to build on his passion. We remain committed to bringing the iconic songs in our care to new audiences and ensuring that they enjoy the on-going success and attention they so richly deserve.”

This is a developing story.