- Screenshot via BloombergTV
The flagship hedge fund at Visium Asset Management, the firm at the center of an insider-trading investigation, was down double digits for the year to June 17.
The healthcare-focused Visium Balanced Fund fell 10.18% during that time, according to performance estimates viewed by Business Insider. That’s a drop from last month, as the fund had been down 9.3% through May.
Visium’s global fund, which it sold last week to AllianceBernstein, was down 3.82% through June 17, the performance estimates showed.
Visium announced last week that it would shut down and return capital to its investors after its former employees were charged with securities fraud. The firm plans to start returning investor capital in July.
Visium said it anticipated withholding 3% to 5% of assets in reserve for “possible liabilities and other contingencies.”
One of Visium’s former star portfolio managers, Sanjay Valvani, was found dead Monday evening in what appeared to be a suicide. Valvani had been charged with insider trading and had pleaded not guilty. Valvani’s lawyers maintained his innocence. Valvani had helped manage the balanced fund.
A spokesman for Visium didn’t comment in time for publication.