A hedge fund run by former executives of Lehman Brothers reportedly plans to close down after devastating client withdrawals.

New York-based River Birch Capital, co-founded by former Lehman President and Chief Operating Officer Bart McDade, is returning client capital after losing a key investor, Bloomberg reported, citing sources. McDade was president of Lehman when it filed for bankruptcy in September 2008.

The credit-focused fund’s reps didn’t respond to phone and e-mail messages, according to Bloomberg.

Hedge fund returns declined 0.35 percent in November, and the beleaguered industry is down 3.62 percent for the year, according to figures from Bloomberg.