Philippe Jabre’s decision to return capital from three of his hedge funds rocked the industry this week. But closures have been a key theme of 2018. The number of funds in the $3 trillion market is shrinking as veterans who survived several business cycles throw in the towel. Money-making opportunities have dwindled with the downturn in stocks, while higher barriers to entry from regulation make it harder for new blood to come in. Closures have outnumbered launches for the third year running: 580 funds decided to shut as of Dec. 3, compared with 552 openings, according to Eurekahedge.