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Hedge fund manager David Tepper plans to send investors’ money back

(Reuters) – Billionaire David Tepper plans to turn his hedge fund Appaloosa Management into a family office where he will invest his personal fortune and return capital to outside clients at some point, a person familiar with his plans said on Thursday. Appaloosa, which was founded by Tepper, has gained an average of 25% each year for more than a quarter century and manages $13 billion in capital.

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