Times Wire Reports

Timothy Barakett, founder of the $5.5-billion Atticus Capital hedge fund, is closing his $3.5-billion Atticus Global Fund to spend more time with his family and concentrate on philanthropic interests, according to a letter to investors.

Barakett, 44, is also shutting a $600-million fund he manages.

Atticus expects to return 95% of investors' money by the start of October, the letter said. Atticus, based in New York, will continue to manage its $1.2 billion European fund, overseen by David Slager, the letter said.

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