Pequot Capital Management spin-off Andor Capital Management is closing its doors after losing money this year.

Firm co-founder Daniel Benton is retiring from money management “after 24 years,” he told investors in a letter. “My desire to devote more time to my family and other interests runs counter to the obligations of a hedge fund manager who must be immersed in the markets in order to meet client expectations,” he explained.

Benton and Christopher James set up Andor in 2001. The two split four years ago.

Greenwich, Conn.-based Andor, which manages $2 billion, is down this year, but is not among the worst-performing hedge funds affected by the market turbulence, according to media reports.

Benton said Andor will continue to run its portfolio until the end of September before liquidating. Investors will begin to receive their money back in October, following an outside audit.