Report: Investors review hedge fund involvement in wake of harassment allegations against Orbimed founder Isaly

Institutional investors with positions in OrbiMed are reportedly reviewing their involvement with the healthcare hedge fund after sexual harassment allegations surfaced against founder and managing partner Sam Isaly. Six former employees of biotech hedge fund accused Isaly, a 72-year-old investor long revered in the biotech community for his ability to pick stocks, of routinely demeaning and harassing women with hardcore pornography and sex toys, STAT reported Dec. 5. Isaly has denied the allegations. The sixth accuser contacted the outlet after that story, requesting anonymity for fear of reprisal by the hedge fund. The story roiled Wall Street, prompting investment firm Eaton Vance to review its arrangement with OrbiMed, which provides it with investment advice, according to STAT. “We were not aware of any of these allegations, which we take very seriously,” an Eaton Vance spokesperson told the outlet via email. “We are reviewing the matter now.” OrbiMed’s code of ethics requires that “all personnel must conduct themselves in a professional and ethical manner that will reflect favorably on OrbiMed and the profession, and should encourage others to do the same,” Eaton Vance said in a regulatory filing, according to STAT. Another large investor, the CalPERS California public pension fund, also invests in OrbiMed via an externally managed “fund of funds.” CalPERS told the site that it plans to alert its manager on t...
Source: Mass Device - Category: Medical Devices Authors: Tags: Wall Street Beat OrbiMed Venture Capital/Private Equity Source Type: news