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Alternative Market Briefing

Managing other people’s money is no longer fun for some hedge fund managers

Thursday, March 10, 2011

Benedicte Gravrand, Opalesque Geneva:

Quite a few hedge fund titans have been calling it quit in the last twelve months. The game of managing other people’s money, it seems, is not fun any more.

Only yesterday, famed activist manager Carl Icahn started returning money to outside investors, saying he had grown weary of managing outside money as markets had become more unpredictable and investors more demanding, Reuters reported.

Chris Shumway, a stock-picker and a tiger cub, said last month he would return money to investors and shut down his firm, Shumway Capital Partners - and continue managing his own money.

Paul Tudor Jones was in November setting up another macro fund in order to prepare investors for his retirement.

Ashutosh Sunha shut down Singapore-based Amoeba Capital and returned all money to investors as he wanted to take a sabbatical.

In August last year, St......................

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