Paul Singer to share top investment job at Elliott

* Billionaire Singer to take co-CIO role

* Singer will continue as chief executive

* Three executives named equity partners

NEW YORK, Oct 26 (Reuters) - Paul Singer, who founded the $17 billion hedge fund Elliott Management Corp, will begin sharing the top investment management role at the firm next year, the fund said on Tuesday.

Elliott, which focuses primarily on distressed debt investing, promoted three executives to partners, and said it would reorganize its management team.

The changes will put Singer, a billionaire who founded the fund in 1977 with $1.3 million, in a new co-chief investment officer role in addition to his job as chief executive.

Singer, 66, will share the co-chief investment officer job with longtime colleague Jon Pollock, global head of situational investing at the firm.

Pollock, the firm’s trading head Brian Miller and Gordon Singer, who is Singer’s son and runs the firm’s London office, will become equity partners on Jan. 1, Elliott said.

Miller will take the new position of chief trading officer, and the younger Singer, who has worked at the firm for 12 years, will be promoted to the firm’s risk management committee and be responsible for global event arbitrage strategies.

The news, which was earlier reported by industry publication AR Magazine, would be one of the biggest management changes at the firm in its 33 years. It is one of the only hedge funds to have operated under continuous management for several decades.

Singer, in the past five years, has become an increasingly outspoken supporter of Republican Party politics, and been a big fundraiser for Republican candidates.

The hedge fund has performed well throughout the financial crisis, delivering a 30 percent return in 2009, and is up 5.3 percent in the first half of this year, according to AR Magazine. (Reporting by Emily Chasan. Editing by Robert MacMillan)