The billionaire Ziff brothers are shutting down the last multibillion-dollar hedge fund that invests their family fortune, one of the biggest such pots of money in the US.

The three brothers, heirs to the wealth created by their grandfather's magazine-publishing empire, are shutting the second of their two hedge funds and stepping away from the one-for-all, all-for-one investing style they followed for more than two decades, according to people familiar with their plans.