Hedge fund manager David Tepper will return between $US2 and $US4 billion to clients this year, according to a report from Institutional Investor Alpha’s Stephen Taub.
Taub’s report, citing people familiar with the firm, said Tepper will return 10%-20% of client assets at the end of the year.
Tepper started the year with $US19.4 billion in assets under management, Taub reports.
The report adds that this is a “somewhat regular occurrence” for Tepper, who seeks to keep am amount of assets under management that, “enables him to trade faster and to maximise returns.”
The full report from Institutional Investors can be found here.