Several other New York-based hedge-fund firms have shuttered in 2014. In January, Scout Capital Management LLC, the $6.7 billion firm run by James Crichton and Adam Weiss, said it was closing after 15 years following Weiss’s decision to step back from managing money for investors. The same month, Bob Karr’s $5.1 billion Joho Capital LLC said it was liquidating after 18 years so that Karr could focus on philanthropy.
About 296 hedge funds liquidated in the first quarter, the most since the first quarter of 2009, when there were 376, according to data from Hedge Fund Research Inc.