Fat lady sings for William Tell

HEDGE fund Tell Investments is pulling down the shutters on 15 years of trading after three years of disappointing performance.

The fund, which has offices in Switzerland, London and Malta, is closing its two principal funds -- the William and the Tell -- and has started returning €600m (£500m) to investors. The third fund, the Walter, is being spun off into an independent firm, Walter Capital Management, which will be run from Switzerland by Tell partner Olivier Laime. The fund will begin trading under its new brand in February.