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T. Boone Pickens, Founder & Chairman of BP Capital Management. Photo: Riccardo Savi / Getty Images for Concordia Summit

Oilman and energy trader T. Boone Pickens, 89, said he is closing the hedge fund he's run for the past 20 years, BP Capital, per the WSJ. He cited his deteriorating health and the fund's weak financial performance.

Why it matters: It's the end of an era for a key energy figure, but separately, and more broadly, his decision to wind down the fund reflects the struggles being felt industry-wide. Several other commodity funds have also closed recently as a result of low returns and falling oil prices.

Pickens plans to make the announcement in a letter, obtained by the WSJ, that is set to publish shortly:

“It’s no secret the past year has not been good to me, from a health perspective or a financial one,” he wrote in the letter. “If you are lucky enough to make it to 89 years of age like I have, those things tend to put life in perspective ... Trading oil is not as intriguing to me as it once was.”

What's next: The letter said the fund will move toward a family office structure. Meanwhile, two of Pickens’s top lieutenants, Brian Bradshaw and David Meaney, will jointly launch a new energy fund, Assert Capital Management, next week. Pickens will be an investor.

Go deeper

Updated 1 hour ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford and AstraZeneca's vaccine won't just go to rich countries.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 deaths.
  3. World: England to impose stricter regional systemU.S. hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  4. Economy: The biggest pandemic labor market drags.
  5. Sports: Coronavirus precautions leave college basketball schedule in flux.

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.