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The Wall Street Journal: Hedge fund Highfields Capital to close, return billions to clients

Boston hedge fund Highfields Capital Management is returning billions in client money and converting into a family office, founder Jonathan Jacobson told investors in a letter Wednesday.

The decision to return money to investors would mark one of the largest hedge fund closings in recent history. Jacobson started the $12.1 billion stock-trading firm in 1998 after he left his post trading stocks for Harvard University’s endowment. Harvard was Highfields’ first client. About $9.5 billion of Highfields’ assets are outside client money.

“Done correctly, money management is an all-consuming, 24/7 pursuit… After three-and-a-half decades of sitting in front of a screen, I realized I am ready for a change,” Jacobson, 57, wrote in the letter.

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