A hedge fund initially funded by Locust Valley billionaire Julian Robertson Jr. will shut down, according to a Bloomberg report.
The Manhattan fund, TigerShark Management, will return about $100 million to investors at the end of March, according to unnamed sources cited by Bloomberg.
The hedge fund, which opened in February 2001, followed a strategy of balancing long positions in assets expected to appreciate against short positions whose portfolio value would climb if the underlying assets declined. Assets peaked at about $300 million, according to Bloomberg.
Robertson, 83, is the co-founder of Manhattan-based Tiger Management LLC. He ranked No. 512 on a Forbes list of global billionaires with a fortune valued at $3.4 billion, up $200 million from a year ago.