Wow: Stanley Druckenmiller is retiring and closing his fund.
We first got the news from Street Insider, who say they heard it on Bloomberg.
He’ll eventually be liquidating his $12 billion fund, Duquesne, and returning money to investors.
“Managing more than $10 billion seems to challenge my long-term standard” for investment performance.
“For 30 years I’ve been responsible for managing client money and it’s been a joy, but at some point I need to move on. 30 years is enough.”
“While the joy of winning for clients is immense, for me the disappointment of each interim drawdown over the years has taken a cumulative toll that I cannot continue to sustain,” he wrote to his 100 clients today.
He told Bloomberg he plans to manage a small amount of family money. Just an amount that will be “fun.”
It looks like one bad year soured this guy on his job.
Duquesne Capital Management LLC, which oversees $12 billion and has never had a losing year, is down 5 per cent in 2010.
He had an awesome career. It’s sad to see him go.
See also: Did he get whacked on BP and Transocean?
Watch the Bloomberg video about his life, work, and retirement:
Business Insider Emails & Alerts
Site highlights each day to your inbox.