Aaron Weitman, a long-time partner at Appaloosa Management and founder David Tepper's nephew, is launching his own hedge fund, CastleKnight Management, on July 1. The new fund, which Tepper is expected to be an investor in, will launch with $100 million, and invest across equities and credit. Weitman's move follows Tepper announcement that he will begin returning client capital to focus on his NFL team, the Carolina Panthers. He joins Appaloosa alums Peter Rosenblum and Andrew Casino, who have either launched their own fund or are planning to this year. Visit Business Insider's homepage for more stories.