Facing $520M in Redemptions, Diamondback Capital Management decides to wind down

December 6th, 2012
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Diamondback Capital Management announced to its clients today that the firm’s principals have made the decision shut down. The hedge fund has been one of many funds that have been targeted by a government insider trading investigation, which began two years ago.

Over the past two years, Diamond Capital has seen its assets shrink down to $1.45 billion from a peak of $5 billion. The firm’s co heads, Richard Schimel and Larry Sapanski, made the decision to shut-down the firm as they were facing an additional $520M in redemption requests.
For Detailed Investor Profiles on these Investors, click below:
Diamondback Capital Management
Point72 Asset Management (SAC Capital)
Related People: ; Douglas Haynes (President); Andrea Feinstein; Chad Loweth; Chandler Bocklage*; Larry Sapanski; Peter Nussbaum*; Rich Schimel; Sol Kumin*; Steven A. Cohen; Ted Orenstein*; Tom Conheeney*
Related Entities: Diamondback Capital; Diamondback Offshore Fund LP; SAC Capital Advisors*; Canvas Capital*; CR Intrinsic Investors*; Cubist Systematic Strategies; Diamondback Partners LP; EverPoint Asset Management; S.A.C. Global Investors; SAC Meridian; SAC MultiQuant; Sigma Capital Mgmt; Walter Capital*
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Hedge Fund Launches and Hedge Fund Closings

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