Firm was founded with $800 Mio from Moore Capital fund which has been recently closed along with news that Louis Bacon would be quitting trading.

The firm, founded by former Moore Capital traders Jens-Peter Stein, Kornelius Klobucar and Chris Nicoll, oversaw $3 Bio at the end of October, according to Bloomberg. This is down from $6 Bio at its peak.

“We can confirm that Stone Milliner is conducting an orderly winding down, the firm is returning all capital/assets to investors by December,” a spokesperson for the firm commented.

This is not the first story to break this story. Stone Milliner is one of many hedge funds retreating into family offices or forced to shutter. Years and years of losses joint with high fees have clients withdrawing funds. Data compiled by eVestment shows that $87.9 Bio has been yanked from hedge funds this year; twice as much as in all of 2018 according to Bloomberg.

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Furthermore, since 2015, there have been more closures of hedge funds than launches with indicators pointing to increasing competition and struggle to find returns.

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