Boston Globe – The trustee in the bankruptcy case of swindler Bernard L. Madoff has told a hedge fund business owned by Massachusetts Mutual Life Insurance Co. to return money that it received from Madoff over the past six years.

Responding to a Boston Globe inquiry, bankruptcy trustee Irving Picard confirmed that he had sent a so-called clawback letter to Tremont Group Holdings Inc.

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Bloomberg – Cornell University is cutting its hedge-fund holdings by as much as 25 percent to save on fees after its endowment tumbled last year, Chief Investment Officer James Walsh said.

“We are de-emphasizing the hedge funds and more emphasizing the long-only managers,” said Walsh, who joined the Ithaca, New York, school in 2006. Cornell couldn’t justify hedge-fund fees, which typically equal 2 percent of assets and 20 percent of investment profits. Long-only managers buy stocks they expect to rise in price, while hedge funds also sell short, or bet on a decline.

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Tags: assets, bet, bloomberg, chief-investment-officer, cornell university, decline, endowment, investment profits, ithaca new york, james walsh, stocks