- Reuters/ Rick Wilking
Visium Asset Management, the hedge fund at the heart of an insider trading investigation, is selling a fund to AllianceBernstein, according to Sarah Krouse and Rob Copeland at The Wall Street Journal.
Visium has agreed to sell its Visium Global Fund only, leaving out Visium’s flagship Balanced fund, according to the Journal.
Authorities charged former Visium staffers with securities fraud, among other charges, earlier this week. Portfolio manager Sanjay Valvani, who Visium had put on leave earlier this year, turned himself in.
Visium staffers have been trying to find new jobs ever since the hedge fund came under public scrutiny earlier this year. Some staffers are having trouble finding new employment, according to several people with direct knowledge of the matter.
Steve Cohen is one such big-time manager that has since banned hiring from Visium, Business Insider reported yesterday. Cohen was banned from the industry after his firm SAC Capital Advisors pled guilty to insider trading charges, but he has since been building up a 1,000-person family office that manages his personal fortune and is expected to eventually open up to outside capital.
Spokespeople for Visium and AllianceBernstein did not immediately respond to requests for comment.