FrontPoint Closing Down Most of Its Funds

Hedge fund manager FrontPoint Partners LP said Friday it is closing some funds, following investor redemptions in the wake of insider-trading allegations. “We have received capital redemption requests from some of our clients and, as always, we will honor those request,” the manager said in a statement. “These actions are affecting each strategy differently at FrontPoint Partners and as a result we will be winding down select strategies.” FrontPoint, which just this year raised $1 billion for a new fund, refused to say the total amount investors redeemed and which funds it’s going to close. – DJ

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