Ralph Cioffi, after his arrestProsecutors sought to hammer home their case against two former Bear Stearns hedge fund managers yesterday, emphasizing what they called the two men’s “black and white” lies.

“This trial isn’t really about hedge fund strategy,” Ilene Jaroslaw, assistant U.S. attorney, told jurors during her closing argument yesterday. “This case is about what the defendants said and what they did, and all their lies.”

Citigroup is not quite ready to give up on its battered and bruised alternative investments unit.

A federal judge has refused to cut accused insider-trader Raj Rajaratnam’s record-setting bail, but he will allow the Galleon Group founder to travel farther beyond New York City.

Just days after winning its independence from Stark Investments, Orchard Capital has made its first high-profile hire.

Legendary hedge fund manager Julian Robertson has won his battle with New York City over a $27 million tax bill from nine years ago.

A former hedge fund CEO in Japan is offering his expertise to would-be hedge fund managers in the region.

GLG Partners said its revenue and fee earnings fell by more than half in the third quarter even as assets under management began to climb.

Its profit may be down, but things are looking up for the Man Group.

Hedge funds had been on a roll. But that sweet run ended last week when hedge funds fell by 1.43%, erasing any gains for the month of October.

According to analysts at Merrill Lynch, those losses were led by equity long/short hedge funds (-3.0%), macro hedge funds (-1.7%), and commodity trading advisers (-1.3%).

The insider-trading scandal that has engulfed several hedge funds is getting perilously close to one of the biggest names in the hedge fund industry: SAC Capital Advisors.

African-focused hedge fund firm Scipion Capital has launched a mining fund which aims to capitalize on the recovery of the junior mining and natural resources sector in Africa.

Touradji Capital Management has countersued two former employees, claiming they cost the commodities hedge fund shop millions.

One of the two U.S.-based businessmen linked to the alleged K1 Group hedge fund fraud in Germany has pleaded not guilty.

Patrick Degorce, a co-founder and former top strategist at activist hedge fund The Children’s Investment Fund is managing money once again with the launch of his own hedge fund.

Tudor Investment Corp.’s former commodities research chief will launch his own hedge fund in January.

London-based emerging markets investment manager FPP Asset Management has seen strong performance across all its investment strategies this year.

Former Citigroup President Thomas Maheras, the architect of the bank’s disastrous subprime exposure, has launched a hedge fund.

Chicago-based fund manager Modern Asset Group is gearing up to launch a multi-adviser fund early next year.

Goldman Sachs has named its co-head of U.S. equity sales as its new prime brokerage sales and capital introduction chief.

Nine more people have been arrest and 14 more have been charged in the insider-trading scandal surrounding the Galleon Group.

Among those arrested is a pair of former Galleon employees and four people who work at hedge fund Incremental Capital. The new collars come three weeks after Galleon founder Raj Rajaratnam was arrested and charged with spearheading the insider-trading ring.