Two years after insider trading allegations hit hedge fund Diamondback Capital Management, the Stamford, Connecticutbased investment firm is set to shutter its operations after clients sought to withdraw $526 million in capital.
Diamondback cofounders Richard Schimel and Larry Sapanski wrote a letter to investors informing them of their decision to close the fund and return cash over the next month. The New York Times reports that the $520 million in redemptions amounted to 26 percent of Diamondbacks assets.
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