McCormack's 'Tiger' hedge fund to shutter

Tiger Management founder Julian Robertson.
Source: CNBC

Tiger Consumer Management, the nearly 15-year-old hedge fund firm led by Patrick McCormack and with close ties to Julian Robertson's Tiger Management, is shutting down at the end of March.

"Managing a fundamentally driven, long/short equity hedge fund is rewarding but demanding work. I have decided after nearly 15 years of doing so, at this stage of my life, I would like to spend more time with my family," McCormack said in a letter to investors Wednesday. "The decision to wind-down is one of the most difficult I have faced, but I have given it considerable thought and believe now is the best time to do so, particularly given a strong start to the year."

Reached for comment at his New York office, McCormack told CNBC, "I do not speak to the press but I appreciate your interest." A spokesman for Tiger Management, Fraser Seitel, declined to comment.