David Tepper to Keep His Hedge Fund Alive for Handful of Key Investors (NewsMax.com) Billionaire David Tepper will keep managing money for 15 investors and return the rest of the firm’s outside capital as he moves toward starting a family office. His Appaloosa Management will begin giving clients their money back early next year, according to people familiar with the matter. That makes up most of the external capital the firm runs. The remaining investors will collectively have $1.25 billion to $1.5 billion with Tepper.
Such a life! Tepper made billions through his career as a hedge fund manager. Then towards the end he decided to buy a sports team to manage. Now that he realized he really enjoys being the GM of a sports team, he's backing off of managing money except for a few key investors. Even then he will earn millions if not hundreds of millions in fees. What a life!