Founded in 2004 by Eric Mindich, once the youngest ever partner at Goldman Sachs, New York based hedge fund Eton Park is to close.
In a letter to investors, Mindich cited the reason for the closure as: "A combination of industry headwinds, a difficult market environment and, importantly, our own disappointing 2016 results."
About 40% of Eton Park's investor capital is expected to be returned by the end of April, with the rest to follow later "from a position of relative strength".
The fund's returns were down by about 10 per cent in 2016, and performance has been flat so far in 2017.
Whilst Eton Park is the first major hedge fund to throw in the towel this year, it's worth noting that there were over 1,000 shut downs in 2016, including Perry Capital which in September 2016 announced the closure of its 28 year old flagship fund.