Famed hedge-fund manager David Tepper plans to turn Appaloosa Management into a family office managing his personal wealth as he spends more time focused on running the Carolina Panthers, his professional football team, said people familiar with the matter.

Executives at the $13 billion hedge fund have discussed several scenarios for when they could return outside clients’ money, some of the people said, including over several years or around the end of this year. One of these people said a period of several years was more likely. Tepper’s money makes up more than 70% of the firm’s assets under management.