JAT Capital Management founder John Thaler is planning to convert his $1.7bn hedge-fund firm into family office.
The move comes after the firm lost 11.3% in 2014 and will see JAT returning clients’ money by the end of June 2015.
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Thaler in a letter to clients wrote: "As I approach my 20th anniversary working in the financial services industry, with the last eight spent building and managing JAT Capital, it is the right moment to take a break, spend time with my young family and determine which path to pursue next."
Thaler started New York-based JAT in 2007, which currently has 35 employees, with startup money from Chris Shumway, whom he worked for from 2002 to 2007.
"Stock picking has been one of the great joys and privileges of my life…and will remain a central focus of my professional endeavours going forward," Thaler wrote.
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