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Hedge Fund Manager Closes Shop, Gives Back Clients' Money

This article is more than 11 years old.

A prominent Boston hedge fund manager will shut down his funds and return most of his clients' $800 million.

The Boston Globe reports James Pallotta told investors that the performance of his funds was flat this year. He also said he wants to step back from day-to-day investing to devise an investment strategy for when the markets turn around.

Pallotta was formerly with the Connecticut investment firm Tudor.

This program aired on June 3, 2009. The audio for this program is not available.

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