BUSINESS

Everybody's Quitting Hedge Funds These Days

10/04/2008 05:12 am ET | Updated May 25, 2011

Running a hedge fund has long been considered one of the top jobs in finance, but this summer a growing number of managers have called it quits, unable or unwilling to keep going in what is turning out to be one of the industry's worst years, Reuters reports.

Last week, Dan Benton, whose savvy technology bets at Pequot Capital Management and Andor Capital Management catapulted him to star status, told investors he planned to shut down his fund in October. Last month, Ron Insana, a former anchor at the CNBC business network who later promised clients access to some of the world's most famous hedge funds through his extensive contacts, told investors that it was "imprudent" to continue business.

And before that, Jeff Dobbs announced plans to shut down Turnberry Capital Management after many of his investors had already asked for their money back.

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