Segantii Capital Management, a Hong Kong-based hedge fund, is set to shut down and return capital to investors amid insider trading charges. Founder Simon Sadler and an ex-trader are facing criminal charges from Hong Kong regulators. The case has been moved to a higher court, which can impose longer sentences. Segantii had $4.77 billion in assets at the end of April, with offices in London, New York, and Dubai. The firm faced nearly $1 billion in withdrawal requests before deciding to close. The hedge fund will liquidate most of its positions within five trading days and hand back investor money in an orderly manner.