Billionaire investor Seth Klarman will no longer manage his family foundation’s money day-to-day, a move that is expected to give him more time to manage his $27 billion hedge-fund firm. Mr. Klarman of Baupost Group LLC appointed stockpicker David Berkowitz to manage the Klarman Family Foundation’s assets, according to people familiar with the matter. That investment chief post is housed within Mr. Klarman’s family office, KFO LLC. Mr. Klarman will retain discretion over investment decisions.