DealBook – FrontPoint Partners, a hedge fund firm hit with $3 billion worth of redemptions — fired its 12-person health care team in the weeks after the group was ensnared by an insider trading case in early November, according to a person with knowledge of the situation who spoke on the condition of anonymity.
“We have, as a result of clients seeking a return of capital, made the extremely difficult decision to reduce staff by 28 positions — all among the non-investment team staff,” the company said in a statement about the most recent layoffs. “These reductions will not impact our investment teams and overall client service.”
