Another hedge fund manager is getting out of the hedge fund business. Millbrook Capital Management is closing its only hedge fund and returning to its roots, as a family office for John Dyson, the former New York State commerce commissioner and private equity veteran. read more

Commerce Street Investment Adviser will launch a new hedge fund helmed by two Highland Capital Management veterans next month. read more

Galleon Group founder Raj Rajaratnam kept a star-studded list of "important people" allowed to interrupt him at any time—including former McKinsey & Co. chief Rajat Gupta, who is on trial for tipping the convicted insider-trader. read more

A 65-year-old California man will spend the first of his golden years behind bars after pleading guilty to a hedge fund Ponzi scheme. read more

At least one hedge fund doesn't think that Greece is on the verge of leaving the euro. read more

Altegris Advisors has launched a mutual fund of hedge fund managers, offering retail investors access to a long/short equity strategy. read more

Institutional money manager Commonfund has tapped Brett Lane for the newly created position of managing director, hedge fund strategies. read more

Peter McConnon and Timothy Lyons of hedge fund Paron Capital Management have been awarded damages of $35 million by the Delaware Court of Chancery which ruled that their former partner, James Crombie, had lied about his track record. read more

The head of Morgan Stanley's U.S. housing strategy is leaving the firm to launch a fund that will buy foreclosed homes. Oliver Chang and several "partners who are some of the most capable and experienced operators and managers of single-family rental homes in the business," will set up an asset management shop that will launch a buy-to-rent housing fund. read more

Master limited partnerships specialist Swank Capital has opened its first hedge fund to outside capital. read more