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Alternative Market Briefing

U.S. authorities 'looking into’ trades of Omega Advisors hedge fund

Friday, March 27, 2015

Komfie Manalo, Opalesque Asia:

The U.S. Attorney’s Office in New Jersey and the Securities and Exchange Commission had subpoenaed Omega Advisors to seek information on some of the trades made by the $9.4bn hedge fund led by Leon Cooperman, reported Bloomberg.

In a letter to his investors, Cooperman said that the inquiries were still at a very early stage and insisted that no one in the firm is suspected of any wrongdoing. The 71-year-old Cooperman said his firm is cooperating with the investigation and "is highly confident that it and its employees have at all times acted properly and lawfully."

Cooperman said in his letter, "We work hard to develop legitimate insights that are critical to fundamental research and take great care in our handling of any information we receive regarding the companies we cover. Had the authorities asked us to do so, we would have voluntarily provided them with all the information they seek, but they chose instead to pursue a different tack."

Omega Advisors amongst the worst performers

Omega Advisors continued its "embarrassing" losses in January as the hedge fund fell 3.57% during the month, which earned it a distinction as one of the industry’s top 20 losers this ea......................

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