David Tepper, often considered the greatest investor of his generation, is preparing to return clients’ money and convert his hedge-fund firm to a family office.
David Tepper, considered arguably the greatest investor of his generation, is preparing to return clients’ money and convert his hedge-fund firm to a family office, according to reports. That would make him the latest in a string of high-profile, hedge-fund managers to go that route.
News reports said Tepper’s money already makes up around 70% of the firm’s roughly $13 billion in assets under management. Tepper has long eschewed the single-minded pursuit of an ever-larger capital base, with the firm said to return money to investors most years. “There have been several of these transitions to family offices in recent years, and they’ve generally been funds which have been closed to new investments/investors for extended periods of time. It seems a logical way for a well established principal to continue the role as directing investments for a smaller and more personal capital pool, but with less pressure to expand capital base or bring in new clients,” said Ken Heinz, president of hedge-fund data and research firm HFR.
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