Hedge funds are shutting at a rate not seen since the financial crisis, as many managers post disappointing returns and an elite group of firms dominate money raising.
The Justice Department is investigating whether an HSBC employee may have leaked confidential information to a hedge fund, Dow Jones reported.
Phil Falcone is leaving one holding company to focus on another and his hedge fund.
Mathew Martoma has started his nine-year prison term for insider trading at a “low security” federal prison in Miami at a time that most of the former hedge fund traders and analysts also convicted in the federal government’s long-running investigation have paid their debt to society.
Steven A. Cohen’s firm will stop collecting employees’ best trading ideas for a central investment pool and rewarding them with a special bonus, a practice that the U.S. government said created wrong incentives at his former hedge fund SAC Capital Advisors.
HSBC, one of the largest hedge fund investors in the world, has recently lost four senior people in the private banking unit that is responsible for picking the best money managers for their wealthy clients.
A few corners of Wall Street are expecting big bonuses, but for most of the industry it is likely to be a disappointing year.
Bloomberg News reports that money managers at hedge-fund firms that oversee more than $4 billion earned about $2.4 million this year, an increase of almost 8 percent, according to an industry survey.
October was a rough month for much of the hedge fund crowd, where many players underperformed the U.S. stock market and wound up with big losses.
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