HONG KONG Jan 31 Two multi-billion dollar U.S. hedge funds, one of which was Asia-focused, will close, the Wall Street Journal reported late on Thursday.
The $6.7 billion Scout Capital Management LLC and $5 billion, Asia-focused Joho Capital LLC notified investors this week that they would return outside money, the Journal reported, citing letters to investors.
Joho founder Robert Karr found his travel schedule "draining" and wishes to spend more time with his family, according to the report. Scout's founders disagreed on whether they would continue to manage outside money, the report said.
Joho's main fund was down 2.49 percent in 2014 through Jan. 17 but gained about 30 percent last year, according to the report. Its annualised returns since it began are about 20 percent.
Scout's biggest fund returned 21 percent last year, the report said.
Joho's closure was first reported by Institutional Investor's Alpha.