Tepper to return billions to clients despite loss

David Tepper Interview Pic

Billionaire money manager David Tepper plans to return billions of dollars to clients amid a year of poor performance by his hedge funds.

Appaloosa Management will return between 10 percent and 20 percent of investor assets by the end of 2014, according to a person familiar with the firm.

Appaloosa manages nearly $20 billion, about the same as at the end of 2013 ($19.6 billion). The flagship Palomino Fund is down year to date more than 2.3 percent through the end of October, according to the person. November performance was unclear.

A spokesman for Tepper did not immediately respond to a request for comment.

Read More Hedge funds playing buy-and-hold, and losing

Appaloosa's top stock holdings as of Sept. 30 include General Motors , Citigroup and Priceline.com , according to a public filing.

The news of the capital return was first reported by hedge fund publication Alpha.

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News