Jerry Vinik, a renowned hedge fund manager, is planning the closure of his Vinik Asset Management after poor performance alongside major changes within the firm itself, according to a Wall Street Journal report. As a result, Vinik is planning to return several billion dollars to external investors by the end of June.

Vinik also owns the NHL Tampa Bay Lightning hockey team and his rise to fame came when it was the head of the Magellan Fund of Fidelity Investments back in the 1990's. 

Vinik was quoted by the Wall Street Journal as saying, "After a great deal of consideration, we have made the difficult decision to return our investors' funds." The full details is said to be contained in a letter sent out to its investors.

The newspaper also said that many of the investment staff of the soon to be closed firm would be starting their own firms. Vinik's main business was to bet on and against the rise and fall of a specific stock's value.