In a recent letter to investors, hedge fund manager Leon Cooperman announced that he will convert his Omega Advisors (which oversees $3.8 billion) into a family office at the end of this year, according to a recent article in Bloomberg.

The 75-year-old Cooperman explained that the decision was a personal one, not related to health concerns. “I don’t want to spend the rest of my life chasing the S&P 500 and focused on generating returns on investor capital.” According to the article, Cooperman said he is “cashing out investors when his fund is at an all-time high,” adding that the main fund is up 7 percent this year and has posted returns of 12.4 percent since inception.

The article reports that Omega’s Credit Opportunities Fund will remain open under a new name.

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