•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

Komfie Manalo, Opalesque Asia:

BlueCrest Capital Management insisted it terminated money manager Nicholas O’Grady after he was found to have passed information about his stock trading to Point72 Asset Management’s executive David J. Blanc, said Bloomberg.

The 36-year-old O’Grady spent only six months with BlueCrest but the management decided to let him go for inappropriate sharing of stock trading information to an employee of Steven Cohen. O’Grady was believed to have passed the information through instant messaging.

The decision by the $14bn hedge fund run by Michael Platt underscores the increasingly low tolerance of fund management firms for traders who share important information, especially in the light of a series of insider-trading cases and convictions against Wall Street.

Mitchel Kraskin, chief executive officer of Compliance Science, a New York-based firm that advises financial companies on compliance, commented, "Even if no laws were broken, companies are becoming even more sensitive to the appearance of a conflict of interest following the recent scandals. Conduct that may have been okay in the past is being closely scrutinized and firms don’t want to take any risks."

O’Grady sues BlueCrest for $1.3m bonus

Last month, O’Grady ......................

To view our full article Click here