Investing legend Louis Bacon will reportedly shutter his flagship Moore Capital hedge fund

• Hedge fund legend Louis Bacon is planning to close Moore Capital Management after leading the firm for about 30 years, according to The Financial Times.
• The closure comes on the back of years of weakening performance and investors pulling capital from the firm's global macro funds, the FT reported.
• Several other large firms have either wound down funds or closed their doors to outside capital this year, including David Tepper's Appaloosa Management and BlueMountain.
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Billionaire investment manager Louis Bacon is reportedly planning to shutter his flagship Moore Capital hedge fund, according to The Financial Times.

Moore's closure comes after years of meager returns and investors withdrawing capital from the firm's global macro funds, the FT reported. The firm's assets under management have dwindled over the past 10 years to $8.9 billion as of the end of 2018, according to the FT.

One of Moore's funds overseen by Bacon fell almost 6% last year, while another fund led by a team of portfolio managers slid 3.3%, the FT found.

According to an investor letter seen by CNBC reporter Leslie Picker, most of the outside capital should be returned in the first quarter of next year. Moore also cited the increasing competition for trading talent and high pressure on fees as part of the decision to close the fund.

The firm's remaining three funds will include Bacon's own money in addition to capital from principals at Moore, Picker reported.

Prior to making the call to close Moore, Bacon was trying to sell new investors on a fund managed by Joeri Jacobs, a top-tier trader at the firm, the FT reported.

Bacon, who ran Moore for about 30 years, is widely regarded in the investing world for reaping massive gains in the 1990s by placing bets on the Japanese and European markets. LCH Investments listed it as the 15th most profitable hedge fund of all time, making $18.3 billion for its investors since inception through last year.

The news also comes as several other large investors have either wound down funds or returned outside capital, including David Tepper's Appaloosa Management and BlueMountain.