E fund industry titan Louis Moore Bacon plans to shrink his flagship portfolio and return $2bn (£1.3bn) to his investors.
In a letter, Bacon told investors that current market conditions make it more difficult to manage huge sums of money. He will send back about one quarter of the $8bn flagship fund’s assets.
The Moore Global Investments fund makes big bets on currencies, interest rates and other securities. Over the last 20 years it has delivered returns of about 18 per cent per year.