Weiss Multi-Strategy Advisers, the New York-based hedge fund firm founded by George Weiss in 1978, has filed for bankruptcy about two months after telling clients it was winding down operations, according to a report by Bloomberg.

The report cites a Chapter 11 petition filed in federal court in Manhattan in revealing that the firm, which managed $3.1bn as of mid-2023, has between $10m and $50m in assets but owes creditors as much as $500m.

According to the filing, the company chose to file for bankruptcy after examining all of its short and long-term options, having told clients in early March that the firm had wound down the vast majority of the portfolios it was managing.