A Big Player Sidelines Himself

Has Michael Steinhardt quit the hedge-funds business for good?

On Oct. 11, the 54-year-old investor announced plans to dismantle his $2.6 billion financial empire and return most of his four funds' assets to investors by yearend. After two years of performance that has ranged from awful to merely mediocre, Steinhardt's portfolios in 1995 are up about 20% to 24%, net of fees and expenses, vs. 26% for the Standard & Poor's 500-stock index.

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