BOSTON (Reuters) - Hedge fund manager James Pallotta, who long delivered some of the industry's best returns, told clients on Tuesday [June 2] that he will shut down his $800 million Raptor Global fund in July.

Mr. Pallotta, 51, told investors that he had grown concerned about the $1.3 trillion hedge fund industry's short-term focus and that he plans to restart his fund after taking a few months off to create a new strategy.