George Weiss, Founder of Weiss Multi-Strategy Advisers, unsuccessfully tried to find a buyer for his $3bn firm holding talks with several potential suitors including Millennium Management, before finally deciding to close the business, according to a report by Bloomberg.

While the fund gained 6% last year, that return, which was barely ahead of the risk-free rate of 5%, trailed those of many of its multi-strategy peers and came on the back of lacklustre performance in 2022 when the firm lost 0.6% while rivals posted double-digit gains.

Earlier this month, the 81-year-old informed investors that he would be returning their cash having decided to shutter the fund after 46 years in business.

In a letter to investors Weiss said he had made the decision to close "after careful consideration of various factors and circumstances", adding: “Every journey has twists and turns.”