Reuters ahead in reporting arrests of first hedge fund employees in latest U.S. insider trading probe

Reuters was 6 minutes ahead of Dow Jones and nearly 14 minutes ahead of Bloomberg in reporting the arrests of four hedge fund employees on Feb 8, the latest phase of the U.S. government’s massive insider trading probe. The arrests of three portfolio managers and an analyst show how the probe is progressing beyond so-called expert networking firms to focus on hedge funds, and perhaps change how that multi-trillion-dollar industry functions. Two of the people arrested once worked for Steven Cohen’s SAC Capital Advisers, drawing the $12 billion hedge fund further into the investigation. Reuters was also ahead of rivals in identifying Samir Barai, who led Barai Capital Management and had previously been a portfolio manager at Citigroup Inc’s Tribeca Global management, as one of those arrested.