David Tepper of Appaloosa management is going to return 10-20% of assets to clients by the end of the year, as reported by Bloomberg. The fund has $20 billion assets under management, and has given money back to investors in each of the last three years to manage its size. The amount is in line with what has been given in the past.
Tepper used to be a trader at Goldman Sachs and started Appaloosa in 1993. He was the top earning hedge fund manager last year.