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Komfie Manalo, Opalesque Asia:

Troubled hedge fund firm Visium Asset Management has announced plans terminate 24 employees in its New York Office as the firm liquidates its funds after three of its former employees were charged over alleged insider trading.

A report by Bloomberg said that Jacob Gottlieb’s firm is planning to start cutting the number of its staff on Oct. 26 and will continue for "a few months." Visium has already notified the New York Department of Labor about its plan to dismiss up to 33 employees. Visium employs 110 in New York.

The notice comes days after asset manager AllianceBernstein Holding LP said it would not proceed with a deal to buy a fund from Visium.

"Having determined that an opportunity involving the Visium Global Fund was not feasible, we will not proceed with the transaction," Alliance said in a statement last week.

Visium to shut down four of its remaining hedge funds

In June, Visium Asset, the once high-flying hedge fund firm that at its peak managed $8bn, said it was shutting down four of its remaining hedge funds after one ......................

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