Highfields Clients Said to Pull 3% of Assets at Year-End

Highfields Capital Management, the investment firm run by Jonathon Jacobson, told clients at year-end that it expected redemptions equaling about 3 percent of its $12.5 billion in assets.

The redemptions, which would be about $375 million, come after Boston-based Highfields posted low single-digit returns last year, said the people, who asked not to be identified because the information is private. The firm is closed to new investments and returned about 15 percent of capital to clients in 2013 after it gained 27 percent that year.