New York-based family officer Ziff Brothers Investments is reportedly planning to gradually close its U.S. hedge fund.
The Wall Street Journal reported that Ziff Brothers will give some away some of its capital to its top executives capital to start their own firms, while some of the fund’s money may be shifted to Ziff’s London-based hedge fund or to external hedge funds managers.
The article added that the closure was prompted by the retirement of its top portfolio manager, Ian McKinnon, in 2015. Ziff, which usually promotes from within, was concerned that it would be difficult for an outsider to successfully run the company.
Ziff Brothers recently spun out its commodities and credit businesses.
Ziff brothers Dirk, Robert and Daniel founded the company in 1992 after their father sold his Ziff-David publishing empire.