Billionaire hedge fund manager Leon Cooperman, one of this generation's most successful and highly watched investors, is closing his hedge fund Omega Advisors after 27-years and will convert it to a family office. At year-end 2017, Cooperman told limited partners he believed the challenges to active management and hedge fund amid the rise of passive index investments were fading. While Cooperman will now invest out of a family office, some Omega employees will soon spin out and continue running hedge fund strategies. About his retirement as a hedge fund investor, Coopeman took an upbeat tone. He's helped thousands of high achieving young adults pay for their college educations through the Cooperman College Scholars Fund.

Source: Forbes July 23, 2018 18:33 UTC