NEW YORK New York-based Ziff Brothers Investments plans to gradually shut down its U.S. hedge fund, the Wall Street Journal reported on Thursday.
Some of the fund's top people are expected to be given proceeds to start their own independent firms, the report said, citing people familiar with the firm. Other money could be shifted to Ziff Brothers Investments' internal hedge fund based in London, or to external hedge-fund managers.
The closure of the U.S. fund is tied to the planned retirement of its head portfolio manager, Ian McKinnon, in 2015, the report said. McKinnon, 46 years old, had held the post since 1999.
The Ziff brothers, Dirk, Robert and Daniel, set up their family office in 1992, after the $1.4 billion sale by their father, William Ziff Jr., of his Ziff-Davis publishing empire.
Ziff Brothers Investments reinvested the proceeds in various securities including equities, debt, real estate, commodities, private equity and hedge funds. The firm also had a 10 percent stake in Och-Ziff Capital Management, which it has been reducing, the report said.
A representative for Ziff Brothers was not immediately available for comment.
(Reporting by Nadia Damouni; editing by Jackie Frank)