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Report: Appaloosa Management cutting number of investors

David Tepper, founder, president and portfolio manager of Appaloosa Management LP, plans to continue managing money for 15 investors and will return the rest of the company's external capital, Bloomberg News reported.

Tepper is expected to return to his existing clients 90% of their invested money by January 2020, and will return the rest in March or April 2020. Tepper will collectively manage $1.25 billion to $1.5 billion from the remaining investors.

According to the report, Tepper eventually plans to convert Appaloosa Management to a family office.