Atticus closes key funds

THE activist hedge fund group co-chaired by Nathaniel Rothschild, Atticus Capital, is handing $4bn (&pound;2.42bn) back to its investors and closing down a flagship fund, along with a smaller vehicle.<br /><br />Rothschild, a scion of the famous banking family, was brought into the business as co-chair by founder Timothy Barakett in 1996. <br /><br />Yesterday Barakett wrote to investors to alert them of the closure of Atticus Global, worth $3.4bn, and Atticus Trading, worth $600m. <br /><br />The move leaves Atticus with a solitary fund worth $1.1bn and comes as Barakett announced he will be stepping down.<br /><br />At its peak in 2007, Atticus &ndash; named after a character in &lsquo;To Kill a Mockingbird &ndash; had almost $20bn under management.<br /><br />For the year to 31 July the flagship Atticus Global Fund was down 13.3 per cent.