The new year is starting much like 2008 ended: With hedge funds closing their doors.

One of the first casualties of 2009 is JD Capital Management’s $1 billion Tempo Master Fund. Firm founder J. David Rogers, the former Goldman Sachs equity derivatives co-chief, announced that the fund would be liquidated after suffering big losses last year.

Rogers said the fund was exposed to the “more troubled” parts of the market; the fund lost more than 40% last year.

Rogers said Greenwich, Conn.-based JD Capital would continue to run its volatility arbitrage strategy, which manages $100 million.