A well-known money manager is shutting down his firm after a year of disappointing results — the latest sign of turmoil in the $3 trillion hedge fund industry.

Eric Mindich, 49, was once a Wall Street wunderkind, becoming the youngest ever partner at Goldman Sachs more than 20 years ago. He launched Eton Park Capital Management in 2004, expanding it to manage as much as $14 billion.

But on Thursday he said he was throwing in the towel. In a letter to investors reviewed by The New York Times, Mr. Mindich said a mix of challenging market conditions and Eton Park’s poor performance had led to the decision. The firm’s assets under management have fallen by half since 2011.

“A combination of industry headwinds, a difficult market environment and, importantly, our own disappointing 2016 results have challenged our ability to continue to maintain the scale and scope we believe necessary to pursue our investment program,” Mr. Mindich wrote.