Andor Capital, the $2 billion hedge fund rund by Dan Benton, is closing its doors in October and returning funds to investors.
Benton, who earned a reputation for picking technology stock winners, wrote to his clients that "after 24 years in the investment business, I have decided to retire from managing outside capital" to devote more time to family and other interests.
The fund will continue investing until September 30, "at which time the fund assets will be fully liquidated," Benton told clients in a letter obtained by Reuters.
Andor has counted Calpers, the biggest U.S. pension fund among its investors, but recently the fund suffered losses as the credit crisis widened and stock prices tumbled.
Andor Capital shutting down in October - Reuters
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