Son 'Killed Hedge Fund Boss Over Allowance'

The son of a hedge fund boss shot dead in his Manhattan home has been charged with his murder.

Thomas Gilbert Jr, 30, shot Thomas Gilbert, 70, after they argued over the son's allowance, New York police say.

The younger Gilbert was in debt, police said. He has been charged with murder and criminal possession of a weapon.

Police said Gilbert Jr went to his parents' swanky home on the East Side on Sunday and asked his mother to go out to get him some food.

About 15 minutes later, she got a "bad feeling" and went back, said Robert Boyce, the chief of detectives for the NYPD.

"She found Senior on the floor with a bullet hole in the head," Mr Boyce said.

"She also found a gun resting on his chest with his left hand covering it."

But, according to police, it was a "staged crime scene" to make it look like suicide.

"The gun laying where it was, it didn't seem it was a self-inflicted wound," Mr Boyce said.

When police went to Gilbert Jr's apartment, they said they found magazines, loose bullets and a shell that matched the gun found at the scene.

Mr Gilbert worked on Wall Street for 40 years and in 2011 founded the Wainscott Capital Partners Fund, which has $200m in assets.

A graduate of Princeton University and Harvard Business School, Mr Gilbert was also co-founder of Syzygy Therapeutics, a private equity biotech asset acquisition fund that he left to form Wainscott.

Gilbert Jr also attended Princeton, graduating in 2009 with a degree in economics. Authorities said he had no recent work history.

The lawyers representing him had no comment on the case.