After a string of notable closures earlier this year, fund closures outnumbered new fund launches for a third consecutive quarter in Q1. Even as equity markets have moved relentlessly higher this year, a badly needed performance boost, most funds have still struggled to come anywhere near their benchmarks.           

And with complaints from LPs growing louder, another hedge fund legend has decided to return all outside funds and convert into a family office. This time, it's Louis Bacon's Moore Capital. According to the FT, Bacon's decision to shutter the three Moore funds comes after several years of poor returns.