Hedge Fund Weintraub Winds Down, To Become Family Office

Nov 13 2012 | 1:06pm ET

Another veteran hedge fund manager is calling it quits.

Weintraub Capital Management plans to return outside capital after two decades in business. The $1 billion San Francisco-based hedge fund will become a family office to manage founder Jerry Weintraub's millions.

Weintraub would not say why he was joining the likes of George Soros and Carl Icahn in returning capital to investors in favor of investing exclusively for himself. "Like lots of big decisions, it's not any one particular thing, it's a process," he told Bloomberg News. "It's been a great run for myself and for my co-workers, and for a variety of reasons we decided it was best to wind down."

Weintraub said his firm will return 90% of investors' cash by the end of the year. The rest will come following a final audit in March or April.

He also said that most of the firm's 14 employees will be let go, with only some of its four administrators continuing to work for the family office.

Weintraub Capital, a long/short equity shop,, is up 3% this year and has posted losing years in only two of its 20 years; it has annualized returns "in the low teens," Weintraub said.

In addition to Soros and Icahn, the 53-year-old Weintraub joins such recent hedge-fund retirees as Caxton Associates' Bruce Kovner, Centaurus Capital's John Arnold, Duquense Capital Management's Stanley Druckenmiller, Farallon Capital Management's Thomas Steyer, and commodities trader John Henry.


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