Cornell’s $4.4 billion endowment is moving. The University has requested redemption from hedge fund Level Global Advisors, Fox Business Network reported yesterday.
The move to withdraw the investment comes after the Greenwich, CT based hedge fund was searched and raided as part of the SEC’s ongoing insider-trading investigation that began last month. Level Global claims that it is not a target of the Securities and Exchange Commission’s probe amid reports that one of their executives has been working as an FBI informant.
No charges have been made against Level Global, and it is unclear how much of Cornell’s endowment was invested into the hedge fund. Cornell’s endowment rose nearly 13% this past fiscal year, a bigger increase than all but two other Ivy League schools.
Cornell University officials chose not to comment.
