Robert Gagliardi, a former trader at Evolution Capital Management, is suing the hedge fund for breach of contract after allegedly being denied a $7.5m discretionary bonus, despite claiming he was responsible for 97% of the fund’s revenues during his 11-month tenure, according to a report by the Financial Times.

Hedge funds sharply reduced exposure to technology stocks last week, marking the sector’s largest weekly sell-off in a year, according to a report by Reuters citing a note from Goldman Sachs The rotation comes even as the S&P 500 hit all-time highs, driven by tech-heavy gains.

Alternative credit manager Arini the $10bn credit-focused hedge fund firm founded by Hamza Lemssouguer, has successfully arranged a refinancing package for Vita Group, the specialist student housing owner, operator and developer.

Ray Dalio, founder of Bridgewater Associates, has issued a stark warning about rising debt levels in Western economies, singling out the UK as being trapped in a “debt doom loop”, and advising investors to allocate to gold or bitcoin, according to a report by The Times.

Hedge fund giant Elliott Investment Management is deepening its exposure to the distressed US office real estate sector through a proposed $1.1bn – including debt – take-private deal involving City Office REIT, according to a report by Reuters.

Hedge funds sharply increased their bullish positions in gold to the highest level since April, as persistent geopolitical and trade tensions continued to drive demand for the safe-haven asset, according to a report by Bloomberg.

Hedge funds focused on emerging-market debt are increasingly adopting risk-mitigation strategies to protect strong gains, as a historic rally in developing-nation bonds coincides with mounting global uncertainty, according to a report by Bloomberg.