FrontPoint Partners, a $7 billion hedge fund firm owned by Morgan Stanley, is shuttering its once-prosperous $1.5 billion health-care fund after it got ensnared in an insider-trading probe. The Greenwich, Conn.-based firm told investors that it's aiming to return their capital before the end of the month, according to a person familiar with the announcement, which was first reported by Bloomberg News. FrontPoint's investors have been swarming the health-care fund's redemption window following news that Chip Skowron, a top portfolio manager for the fund, received confidential information from Yves Benhamou, a French doctor, about drug trials at Human Genome Sciences.
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