Apollo Management LP, a private-equity firm co-founded by Leon Black, closed its metals hedge fund in London, according to two people with direct knowledge of the matter.

The New York firm put $40 million into the Apollo Metals Trading Fund, which was started in March 2009, according to a Securities and Exchange Commission filing. A spokeswoman for the firm declined Tuesday to say why Apollo shut the fund.

The fund traded industrial and precious metals and mining equities, Apollo said in its March 22 SEC filing. Mark Thompson, the fund's manager, left the company in June.

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