Hedge fund manager Chris Shumway told investors on Friday that he is returning all of their money in a few weeks, becoming the latest prominent stock picker to essentially shut down his firm.

The 45-year-old manager, who got his start working for hedge fund industry legend Julian Robertson's Tiger Management, told investors in Shumway Capital Partners that he will continue to oversee his own money.

Noting that his decision was very difficult, Shumway wrote to clients that "after nine great years, I have decided to return all external capital back to you, our partners, by the end of the first quarter of 2011."

Only a few months ago Shumway said he was stepping down as chief investment officer from the $8bn fund firm, appointing Tom Wilcox to run the day-to-day operations. Wilcox, he wrote to clients in November, was the "single most profitable individual in our firm's history and has been critical to our success."