News

Isaac Ovid, who served as both a leader of his Queens, N.Y., church and as CEO of a Long Island hedge fund, was sentenced to five years in prison on Friday for defrauding investors of more than $12 million.

Rick Rieder, the founder of hedge fund R3 Capital Management, is set to take over BlackRock’s fixed-income unit amidst a round of asset management musical chairs.

A handful of alternative investment firms wanted to buy Newsweek. But none will be the next owner of the struggling news weekly; instead, a 91-year-old audio equipment billionaire.

While many are touting the planned merger of TPG-Axon Capital Management and Montrica Investment Management as a harbinger of hedge fund industry consolidation to come, you can count Och-Ziff Capital Management.

New York’s plan to tax out-of-state hedge fund managers is dead, at least for this year. Connecticut’s plan to try to lure New York-based hedge funds north of the border continues, regardless.

Bernard Madoff feeder fund manager J. Ezra Merkin at first did not succeed—in his bid to have the New York State attorney general’s lawsuit against him toss. But he’s trying again, this time seeking to have an investor lawsuit dismissed.

The Ohio Public Employees Retirement System is planning a larger hedge fund allocation, and it needs help.

A year that began with such promise for Harbinger Capital Management has turned very, very sour very, very fast.

Och-Ziff Capital Management said that its second-quarter loss widened slightly, but that its distributable profits increased more than fourfold as assets under management rose.

Following a dreadful second quarter, hedge funds needed to get off to a good start in the third, and they appear to have done just that.