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Business roundup: Pneumatic people mover; hedge fund woes

Washington Post – An affiliated fund of Steven A. Cohen’s SAC Capital Advisors shut down last week as the $14 billion hedge fund begins to shrink in the wake of a criminal indictment filed against it in July, according to two people familiar with the unit’s closure.

Parameter Capital Management, which had managed money for SAC since 2010, traded mainly financial stocks. The team was run by portfolio managers Glenn Shapiro and Anil Stevens. Stevens is leaving to launch his own fund, according to one of the sources.

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