Hedge Fund Athanor Will Return Client Cash, Become Family Office

Macro hedge fund firm Athanor Capital is returning client cash to become a family office following almost two years of poor returns.

Started by former D.E. Shaw & Co. senior vice president Parvinder Thiara, the firm managed about $1.8 billion at the start of the year. It will likely return capital to investors in the coming months, according to people with knowledge of the matter.

The decision follows the death of Athanor president and founding partner Hilario Ramos, who also was the firm’s chief operating officer and chief compliance officer. He died in August at age 49.

Athanor ...