John Meriwether, the trader who founded Long Term Capital Management, the hedge fund that spectacularly collapsed in 1998, is reportedly shutting the portfolio he established afterwards. The move comes after the fund suffered large losses last year, which left its annual return since launching at less than 2%.

Meriwether is shutting down the flagship hedge fund he founded in 1999 at his firm, JWM Partners, according to Bloomberg, after it lost 44% between September 2007 and February this year.