Hedge fund manager David Tepper is set to convert Appaloosa LP into a family office as he spends more time running the Carolina Panthers, The Wall Street Journal reported May 23, citing sources familiar with the matter.
Appaloosa executives are discussing options on the time frame to return outside clients' money, including over several years or around the end of 2019, according to some of the sources. A company spokesman told the newspaper that there is still no exact plan for the return of outside money.
The sources also said hedge fund employees have been notified of this change and some of them have gone off to interviews with other investment firms, while some were told that they can stay and make investments for the proposed family office, according to The Wall Street Journal.
An Appaloosa representative did not immediately respond to S&P Global Market Intelligence's request to provide more information on the planned family office conversion.