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From Kirsten Bischoff, Opalesque New York:

As the drama continues to slowly unfold in the Wall Street insider trading investigations, it becomes apparent that the regulatory and oversight environment has changed. The December 6th announcement by Boston-based firm Loch Capital Management that authorities confirmed it was not a target of the investigation (after the FBI raided its offices along with several others last month) makes it apparent that such investigations can touch many firms, at many different levels.

“We’re in a climate now where hedge fund managers, if they are touched in any way at all by a criminal investigation, or a very public SEC civil investigation, must be far more aware of the reputational impact, because many investors will run for the hills,” says Montieth Illingworth, President of special situations management advisory and communications consultancy Montieth & Company.

For firms who have been or think they will be publicly named in the current high profile investigation, speed dials should be set not only just to legal counsel, but to specialist communications counsel as well. This is especially the case now given how this investigation is being conducted.

“Investigations like this begin with a few key facts and then are largely dr......................

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