Hedge funds close their doors amid volatility

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 fund industry had to a dynasty.

Since the start of this year, however, the managers of three firms spun out of that gilded empire have called it quits after volatile performances and sometimes steep losses. They will return money to investors and focus on managing their own wealth.