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Hedge funds close their doors amid volatility

Managers choose instead to invest their vast personal wealth via "family offices"

"If you have enough money and on top of that it's a tough market and you don't want to deal with investors asking about performance, you can take the high road and say, 'Here's your money back'," said Steven Nadel, a hedge fund lawyer.

New York

FOR decades, nearly everything that billionaire Julian Robertson touched turned to gold. Mr Robertson, founder of the hedge fund Tiger Management, seeded a network of hugely successful "Tiger Cubs" - companies that in turn seeded more talent. It became the closest thing the hedge

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