US hedge fund Weintraub Capital Management is to return money to outside investors and become a family office.
The $1 billion (€785 million) San Francisco-based firm, which was set up in the 1990s, is planning to return capital over the coming months – and will then focus on managing founder Jerry Weintraub’s fortune.
Speaking to Bloomberg News, Weintraub did not specify why he had taken the decision. “Like lots of big decisions, it's not any one particular thing, it's a process,” he said.
"It's been a great run for myself and for my co-workers, and for a variety of reasons we decided it was best to wind down."
It follows similar decisions by a number of other hedge funds, with the likes of George Soros and Carl Icahn also converting their firm into family offices over the last 18 months.