Jeff Vinik, the owner of the Tampa Bay Lightning NHL team, is shuttering his hedge fund.
Hedge fund manager Jeffrey Vinik shutting down firm; Vinik to return billions in outside investors’ money after poor performance (via DJ)
— CNBC (@CNBC) May 3, 2013
According to Bloomberg News, he told Vinik Asset Management investors he will return clients’ money on June 30.
He also told investors that he will be focusing on philanthropy and his hockey team, the report said.
The Tampa Bay Lightning hasn’t been doing so hot. The hockey team finished 14th in the Eastern conference and failed to make post season for a second year in a row, Yahoo! Sports reports.
Vinik is also well-known on the Street because he used to manage the Fidelity Magellan Fund, the world’s biggest mutual fund, during the early to mid 1990s.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.