Stanley Druckenmiller Decides to Close Duquesne Capital

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NEW YORK (GaeaTimes.com) — Billionaire hedge-fund manager Stanley Druckenmiller has declared that he is returning all his client’s money and closing up his 30 year old firm Duquesne Capital. He has said that the company is not performing up to his own expectations and hence he had to take such harsh decision.

Mr. Druckenmiller , 57, has sent a one-page letter on Wednesday morning to all his clients (near about 100 in number). He wrote in the letter-

To date we have delivered an unbroken record of positive annual performance which I hope will continue for 2010 as well. And while our clients were certainly pleased that we achieved positive results for 2008 and 2009 in a challenging environment, as you may have surmised I was dissatisfied with those results because they did not match my own, internal long-term standard.

Mr. Druckenmiller manages nearly $12 billion in assets, including several billion dollars that are his own, at Pittsburgh-based Duquesne Capital Management. His plans to retire from managing other people’s money were earlier reported by Bloomberg.