(Reuters) Hedge fund Pagoda Asset Management is shutting down at the end of the month, becoming the latest casualty in the $3.2 trillion industry after a period of sluggish returns, a source with knowledge of the move said on Thursday. New York-based Pagoda was launched four years ago by Adam Bernstein, Glenn Vogelman, and Jeffrey Holycross and specialized in betting on telecom, media, technology and consumer stocks. At the end of last year it managed $566 million and posted small gains. Pagoda notified investors of its decision to shut down by letter on Thursday. A representative for the firm declined to comment.