NYC hedge fund founder shot to death

NEW YORK - A 70-year-old hedge fund founder has been shot dead in his Manhattan apartment.

Police say Thomas Gilbert was shot in the head in his apartment on Beekman Place on the East Side. He was pronounced dead at the scene.

Law enforcement officials believe the shooting stemmed from a domestic dispute between Gilbert and his 30-year-old son, Thomas Jr., CBS New York reports. He is in custody, the station confirms.

A gun was recovered in the apartment.

Neighbor Christopher Kelly, who lives on the floor below, told CBS New York he heard a thump at around 3:30 p.m.

"Almost as if somebody had dropped something heavy like a glass on the floor from the apartment above us," he said.

Gilbert founded Wainscott Capital Partners Fund in 2011. The fund has $200 million in assets and focuses on the biotech and health care industries.

Gilbert previously co-founded Syzygy Therapeutics, a biotech asset acquisition fund.

The shooting was a rare act of violence on Beekman Place, a tony enclave just north of the United Nations.