CNBC – Another of the once giant hedge funds is all but closing its doors. Atticus Capital founder Timothy Barakett, 44 years of age, is shuttering his flagship fund and returning $3 billion in capital to his investors. The roughly $1 billion left, Barakett’s personal fortune, will be managed by him in a so-called “family office”. Atticus will keep its European fund (not managed by Barakett), with roughly $1.5 billion under management, open.

Barakett says the decision was a personal one, driven by his desire to spend more time with his family. I don’t doubt it. But, I can’t help wondering whether Barakett’s exit is also due to the fact that most of the $3 billion he’s returning to investors is below its high water mark.

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