Tue, Oct 6, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

SEC exonerates hedge fund manager Daniel Zwirn after completing investigation of hedge fund

Thursday, February 24, 2011
Opalesque Industry Update - According to documents obtained by Opalesque, the New York office of the Securities and Exchange Commission yesterday decided not to recommend any enforcement action against Daniel Zwirn (Dan Zwirn) after completing their investigation of D.B. Zwirn & Co, L.P.

According to an 2008 FT article (Source), the SEC started to investigate the valuation process of the hedge fund's assets shortly after it informed investors that it would shut down in the face of massive redemptions.

The issue was brought up by the firm itself, saying that a manager who had left in 2005 had failed to “follow a systematic pricing methodology” for a portfolio of hard-to-trade assets, which could have resulted in a marginal overvaluing. Besides, the SEC also examined internal fund transfers and billing of expenses to investors.

- FG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Considering Dan Zwirn self-reported the issue and was exonerated of any wrongdoing, it's a shame the "length" of the investigation is what ultimately caused D.B. Zwirn & Co. to close. Hopefully steps are being taken by the SEC to avoid this problem in the future.   November 21, 2012 10:30:25 PM
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. Performance - Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September, Risky strategy sinks small hedge fund[more]

    Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September From Reuters.com: Billionaire stock pickers David Einhorn, Daniel Loeb and Barry Rosenstein on Wednesday told their wealthy investors they lost money in September as market turmoil inflicted more pain on some of America'

  2. Opalesque Exclusive: IRAs represent billions of untapped capital for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva: Retirement accounts might not be the first source that comes to mind for those looking to raise funds, but they may represent billions of untapped capital. Unlike traditional retirement accounts,

  3. Opalesque TV: One way to access market hedge funds in the EU under the AIFMD radar[more]

    Benedicte Gravrand, Opalesque Geneva: While the Cayman Islands, the US and Hong Kong await the pan-European marketing passport to be extended to alternative investment fund

  4. U.S. hedge funds prepare for worst finish this year since 2008[more]

    Komfie Manalo, Opalesque Asia: U.S.-focused hedge funds are preparing for their worst year since the 2008 global financial crisis, following a series of letdown including the market sell-off in August and the sell-off in healthcare and biotechnology sectors last month, reported

  5. Vilas’ equity long bias hedge fund generates market-beating results[more]

    Komfie Manalo, Opalesque Asia: The Vilas Fund, an equity long bias fund managed by Chicago, Illinois-based Vilas Capital Management, posted five-year annualized returns, net of fees, of 23.47% vs. 15.87% for the S&P 500 Index, including divid