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Billionaire David Tepper Is Planning to Return Outside Money

  • Tepper hasn’t decided on timing of converting to family office
  • The revered trader started his career at Goldman Sachs
Bloomberg business news
Billionaire David Tepper is planning to return money to investors. Bloomberg’s Sridhar Natarajan reports.Source: Bloomberg)
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Billionaire David Tepper is planning to return money to investors, following other marquee names who quit the struggling hedge fund industry to manage their own capital.

Tepper, 61, who founded Appaloosa Management in 1993 and is one of the most revered hedge fund managers, hasn’t made a final decision on the timing, according to his spokesman Jonathan Gasthalter. Most of the firm’s $13 billion in capital belongs to Tepper, who plans on converting Appaloosa into a family office.