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Police have arrested the son of a hedge fund millionaire who was shot dead during a row at the family’s Manhattan apartment.

Thomas Gilbert Sr, a Wall Street veteran and founder of the $200 million (£130m) Wainscott Capital hedge fund, was killed by a single bullet to the head yesterday afternoon. His son, Thomas Gilbert Jr, 30, was arrested in another part of Manhattan last night following a seven-hour standoff with police.

The gunman reportedly gained entry to Mr Gilbert’s eighth floor, $6,000-a-month rented apartment, which is near the United Nations headquarters, after slipping past security. The block’s doorman reportedly told police: “I immediately got a bad vibe. The kid got into the elevator before I got the chance to pick up the telephone.”

Neighbours said they heard an argument in Mr Gilbert’s bedroom at about 3.30pm, which was followed by a bang. A police official told the Wall Street Journal that father and son had discussed “differences in their relationship” but no motive had been established.

Christopher Kelly, who lives in the apartment below, told the New York Post: “In New York, you hear loud noises. I thought somebody had dropped something.” Another neighbour said the gunman fled the block, in East Side’s Turtle Bay area, “five minutes later”, covering his face with a hood.

The body of Mr Gilbert, 70, was found by his wife almost immediately and she called 911. Police recovered a Glock 22 .40-calibre handgun from the scene and launched a search for Gilbert Jr, whom they said was the last person to have seen the businessman alive.

Gilbert Jr was taken into custody at about 10.30pm following the stand-off at his apartment in Chelsea. Officers chopped down the door to gain entry. Gilbert Jr was today being questioned as a “person of interest”.

Mr Gilbert founded Wainscott Capital in 2011 and his expertise lay in the stock market, private equity, real estate and the fixed income market.

His son, who uses the name Tommy, attended the $50,000-a-year Deerfield Academy in Western Massachusetts, and then Princeton University, from where he graduated in 2009.