Weiss Multi-Strategy Advisers, a New York-based hedge fund firm started in 1978 by Founder and Chief Executive George Weiss, is winding down its operations after a challenging couple of years, according to a report by Bloomberg.

The report quotes Weiss in a letter to investors: “Every journey has twists and turns, and after careful consideration of various factors and circumstances, I have arrived at the difficult decision to conclude this journey.”

According to data from WithIntelligence, the firm managed $3.1bn as of mid-2023 and made a 6% gain over the year, compared with the average multi-strat manager returns of 8%. Weiss recorded a 0.6% decline in 2022 when multi-strat returns averaged 9.5%, with Ken Griffin’s Citadel leading the pack with a bumper 38% return for its flagship Wellington fund.