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The Boston-based asset manager says the firm's capital base is too large for the number of opportunities it sees for investment.
Seth Klarman's Baupost Group has decided to return some money to investors at year-end, but it has not yet determined the amount, according to a person familiar with the firm's plans.
This would be only the second time Baupost returned money to investors in the Boston-based investment firm's 31-year history. The previous time was in 2010, and Baupost subsequently raised money in early 2011.
Earlier this year we reported that Baupost told clients it would probably return some capital to investors at year-end unless investment opportunities dramatically increased by later in the year. However, those opportunities have not materialized.
In a letter dated April 29,...