Free Republic

Visium Asset Management, a multibillion dollar hedge fund, has imploded in the biggest scandal to hit the industry in years. The fund told investors of its plan to close in a letter Friday. It’s the most high-profile shutdown since authorities forced Steve Cohen’s controversial SAC Capital to close in 2013. A slew of factors — from a brewing insider-trading scandal to a contentious investment by Visium’s founder that rankled investors and staffers alike — led to Visium’s demise. On top of all of that, Visium’s flagship fund had been reporting dismal performance. Visium is selling one of its better performing...