What you need to know on Wall Street right now

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Visium Asset Management, the hedge fund at the center of an insider-trading investigation, is shutting down.

The fund told investors of its plan to close in a letter Friday. It’s the most high-profile hedge fund shutdown since authorities forced Steve Cohen’s controversial SAC Capital to close in 2013.

The closure of the firm represents a remarkable turnaround: It managed about $7.8 billion firmwide at the start of the year, according to Hedge Fund Intelligence.

In other news, IEX, the company founded by “Flash Boys” hero Brad Katsuyama, has won approval to run a US stock exchange. Here’s what’s going to happen next.

JPMorgan has appointed Lori Beer to the role of chief information officer for the corporate and investment bank, handing her control over more than 10,000 technology staff.

A pair of 20-somethings set out to answer a fundamental question about investing — the team they helped create now manages $200 billion.

Here’s the simplest way to understand how a Brexit would affect the US. There’s a storm brewing in the real-estate market, according to PIMCO. And there’s a booming multibillion-dollar industry that the biggest players on Wall Street won’t touch.

Inside the ‘constant quibbling’ and drama that led to India’s central bank chief’s departure. Oh, and the Indian rupee is now tumbling.

And lastly, 50 years ago, a radical idea changed cars forever — here’s how it started.

Here’s the best of the rest in Wall Street headlines:

Dell is selling its software business for more than $2 billion Buyout firm Francisco Partners and the private equity arm of activist hedge fund Elliott Management are buying Dell’s software division for more than $2 billion.

One of the world’s most prominent economics commentators revealed the fundamental truth about human communication Twitter ignored for a decade Mohamed El-Erian is one of, if not the most, prominent economic commentators in the world.

The world’s largest investor is trying to break down the wall between you and your money — Impact investing – that is, investing with a cause in mind — is becoming increasingly popular.

How Under Armour lost the NBA Finals but got upgraded to a buy — Sunday’s Game 7 of the NBA Finals was as much a battle between Under Armour and Nike as it was between the Warriors and the Cavaliers.

2 ‘unconventional’ measures will make you sceptical the housing market is about to take off There’s a strong case that the housing market is set up for another boom.

Byron Wien shares the most important investing advice he learned from his late mentor — Blackstone’s vice chairman and investing guru, Byron Wien, believes in concentrated bets.

‘This is a bubble. A very big bubble. And it is going to end in tears’ — The Canadian housing market just keeps getting hotter.

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