Hedge fund Visium Asset Management has decided to wind down the firm, after selling one of its funds to asset manager Alliance Bernstein.
Alliance Bernstein will acquire the hedge fund firm’s Global Fund, which is a multisector long/short equity hedge fund.
The fund’s investment team and some support staff would join Alliance Bernstein as part of the deal.
Alliance Bernstein chairman and CEO Peter Kraus said: "The Visium Global Fund is a unique opportunity to further strengthen AB’s alternatives platform. The Fund has produced strong risk-adjusted performance since its inception in 2007, and enhances our ability to meet our clients’ need for idiosyncratic alpha across market cycles."
The move comes two days after Visium partner Sanjay Valvani was charged by the US regulator of trading on confidential tips about drug approvals.
"This transaction is subject to completing due diligence, agreement on transaction documentation and customary closing conditions, including any required investor approvals," Alliance Bernstein said.