AllianceBernstein Holding LP said it ended its effort to buy Visium Asset Management’s Global Fund, dealing another blow to the firm that once managed $8 billion and is now shuttering its hedge funds amid an investigation by U.S. authorities.
AllianceBernstein, which oversees about $490 billion, had struck a preliminary agreement to acquire the multisector hedge fund last month, after prosecutors charged three former Visium traders with securities fraud. Visium decided to shutter its four other hedge funds after the investigation spurred redemptions, then last week told clients it would also wind down the Global Fund.
