Hedge fund firm Standard Pacific Capital to shut

Standard Pacific Capital, the stock-focused hedge fund firm led by Doug Dillard and Raj Venkatesan, is shutting down, according to a letter sent to investors seen by Reuters. "After 21 rewarding years, Standard Pacific Capital has decided to return capital to investors across all of our strategies," the letter said. "It has recently become clear to both of us that sometimes there is a logical conclusion to even a good thing. We decided that now is that time for Standard Pacific." The San Francisco-based firm, which managed several hundred million dollars, once controlled more than $5 billion at its peak in 2004.