Atticus shutters main funds, Barakett steps back

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Atticus Capital Management founder Timothy Barakett informed investors of plans to shutter the firm’s two main event-driven funds and return about $3 billion in assets.

“I intend to spend more time with my family, pursue my philanthropic interests and establish a family office to manage my own capital and charitable foundation,” Barakett wrote to investors in a letter sent Tuesday.
 
Atticus will continue operations, with partner David Slager running the $1.2 billion Atticus European fund. Barakett will keep his role on the firm’s board and management committees.

Since the Atticus Global strategy was started in 1996, it has generated