Tue, May 23, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Martin Currie shuts down China Hedge Fund after being hit with $14m fine

Wednesday, December 12, 2012

From Komfie Manalo, Opalesque Asia – International equity specialists Martin Currie is closing down its long/short equity strategy China Hedge Fund after the firm was slapped with a $14m fine from U.S. and UK regulators for favoring one client over another.

A spokeswoman from the $7.4bn UK asset manager told AsianInvestor that the closure of the China-focused hedge fund after 10 years, marks the end of the once-profitable strategy. The fund has been operating with less than $10m in assets and its liquidation is currently underway.

In August this year, the U.S. SEC fined Martin Currie $8.3m and the UK’s Financial Services Authority slapped another $5.6m fine on the firm for causing a U.S. publicly-traded advisory client, The China Fund, Inc., to make an unfavorable investment in bonds in order to prop-up another advisory client, the Martin Currie China Hedge Fund.

Data showed that the hedge fund bought $10m of illiquid bonds issued by Hong Kong-based Jackin International. The China Hedge Fund got into trouble during the financial crisis when it faced an increase in redemption requests from investors, while, simultaneously, Jackin became unable to service the bonds. To a......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Third Point's Loeb surfs on as hedge fund washout continues, George Soros has added to his losing bets against the stock market, Hedge funds, VCs and the CIA are throwing money at ex-Bridgewater data scientists' startup, Hedge funds shed retail amid fears of "apocalypse"[more]

    Third Point's Loeb surfs on as hedge fund washout continues From Reuters/Nasdaq.com: Billionaire investor Daniel Loeb said on Thursday that he is still making money even as the hedge fund industry struggles. Loeb, who oversees the $16 billion hedge fund firm Third Point LLC, sa

  2. Investing - Tudor Jones backs AI hedge funds, Massive hedge fund trades highlight insider buying: GE, Pentair, Tempur Sealy, Apollo Global and more, Hedge funds big wigs are buying consumer and selling tech, here's the stocks[more]

    Tudor Jones backs AI hedge funds From FT.com: Hedge fund magnate Paul Tudor Jones has invested in a brace of artificial-intelligence powered "quantitative" hedge funds, underscoring the increasing acceptance that the industry will need to turn more to technology and away from traditional

  3. Soon hedge fund investors won't bet on a man, they will bet on a machine[more]

    From Forexlive.com: The Wall Street Journal is in the midst of a 17-part series that looks at the rise of quant funds. The AUM and money invested in quant funds still trails traditional asset managers but the gap is closing. What's truly amazing is volume. Quant funds make up 27% of trading vo

  4. J.P. Morgan Asset Management launches ultra-short income ETF[more]

    Komfie Manalo, Opalesque Asia: J.P. Morgan Asset Management, the $1.5tln investment management arm of JPMorgan Chase & Co., has launched the JPMorgan Ultra-Short Income ETF (JPST), an actively managed ETF that seeks to provide current incom

  5. News Briefs - A former hedge fund manager is running a free masters program in financial engineering, Trinity Fund Administration Ltd joining the Mainstream BPO Group, Chelsea Clinton's husband joins Silicon Valley's Social Capital, The quants run Wall Street now[more]

    A former hedge fund manager is running a free masters program in financial engineering A former hedge funder is offering a free masters degree in a field that's integral to Wall Street's future. Igor Tulchinsky, a former managing director at Millennium Partners, a New York-based hedge fu