Reports: Cantillon Hedge Fund Implodes

Another big hedge fund whose rise embodied the Wall Street boom of the latter part of this decade has reportedly blown up.

Cantillon Capital Management, run by industry star William von Mueffling since 2003, told investors Wednesday that its two hedge funds will be closing up shop, Bloombergfirst reported earlier, citing anonymous sources.

Cantillon, which will return money to clients after unwinding its positions, the report said, had a combined $3.5 billion worth of investments in its World and European hedge funds as of Wednesday. At its peak, its assets were valued at $10 billion.

Cantillon will apparently maintain a $1 billion "long-only" stock fund, and will invite clients to transfer their money there.

Von Mueffling, who is 41, formerly worked at Lazard as a high-profile asset manager.