Zwanstraa's Penta To Return Outside Capital

Jan 9 2012 | 2:16pm ET

Hedge fund manager John Zwanstraa is joining his mentor in semi-retirement.

Zwanstraa's Penta Investment Advisers will return all investor capital. The 14-year-old firm's assets have dropped by about $1 billion to less than $2 billion over the past six months. At the middle of last year, about 40% of Penta's $2.9 billion in assets belonged to the firm's principals.

Penta will offer its clients more details later this week, Bloomberg News reports.

Zwanstraa founded Asia-focused Penta in 1998 after three years with Soros Fund Management. He raised more than $500 million for the fund.

Zwanstraa's former employer, George Soros, has also decided to return outside capital, in July.

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