Iconic hedge fund manager Perry Capital is reportedly closing its flagship fund

Perry Capital, an iconic hedge fund firm, is shutting its flagship fund after 28 years, according to Bloomberg News.

The fund has suffered from poor performance and a changing management structure.

Perry manages about $4 billion, down from $15 billion at its peak in 2007, Bloomberg's Katherine Burton and Katia Porzecanski reported.

Earlier this year, the firm cut jobs following a round of investor redemptions, the FT reported. The flagship fund was down 12% last year.

David Russekoff became the firm's CIO in 2014, but left last year amid the underperformance. He is starting his own hedge fund and is in the early stages of raising money for it, according to a person familiar with the matter.