Saturday, 20 December 2014
Last updated 1 day ago
Feb 11 2011 | 11:12am ET
Level Global Investors, one of four hedge funds raided by the FBI in November as part of a federal insider-trading probe, is closing up shop and returning cash to clients, according to a letter first obtained by Dealbreaker.
The $3.5 billion firm expects to sell off all its holdings by the end of March.
Level Global investors have until the end of February to put in redemption notices for March 31. Dealbreaker, citing “people familiar with the matter” says the fund has already received redemptions worth $750 million. Anticipating heavy redemptions, fund co-founder David Ganek wrote:
“So, while we may be able to continue to operate Level Global, without the appropriate scale and ability to invest with the same strategy, it would not be the business we promised to our investors.”
Level Global was founded in 2003 by Ganek and Anthony Chiasson, both SAC Capital Advisors alumni.
“Unfortunately the ongoing government investigation presents significant challenges to maintaining our collective focus,” Ganek said in the letter. The fund co-founder reiterated that the fund is not the target of the U.S. government investigation and is not alleged to have engaged in any misconduct.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.