George Weiss Searched for a Buyer Before Shutting His Hedge Fund

Before calling it quits, hedge fund chief George Weiss searched for a buyer for his $3 billion firm — talking to prospective suitors over the past year including Millennium Management.

Weiss Multi-Strategy Advisers had lackluster returns for years and was looking for a deal, according to people familiar with the matter. It sank 0.6% in 2022, while its biggest rivals posted double-digit gains.

While the fund gained about 6% last year, it trailed its multistrategy peers and barely beat the risk-free rate of 5%. Investors’ patience for underperforming funds is thinning, as they compare ...