A 90% fall in assets since 2016 has prompted Carlson Capital, the Dallas based hedge fund firm founded by Clint Carlson in 1993 which once managed about $9bn, to shutter its London office as part of a restructuring plan, according to a report by Bloomberg.

Carlson previously closed offices in New York and Greenwich and will now operate solely from its headquarters in Dallas, having applied to cancel its authorisation with Financial Conduct Authority, the UK regulator, indicating its plans to stop doing business in London within six months.

The report cites a person with knowledge of the matter as revealing that London-based money manager Jesse Ho will relocate to Dallas, while other UK staff have been given options to remain with the firm.

Carlson intends to retain its research and trading relationships in the region and will continue to invest in Europe, according to Bloomberg's source.

Investors documents seen by Bloomberg reveal that Carlson’s assets had shrunk to $966m as of 1 February from $5bn in mid-2020 and as much as $9bn in 2016.