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Alternative Market Briefing

Man Group China chair Li Yifei taken into custody

Tuesday, September 01, 2015

Bailey McCann, Opalesque New York:

Li Yifei, the chairwoman of global hedge fund Man Group's China unit was taken into custody today to face questioning as part of a large probe of financial services within the country. Bloomberg first reported the news citing sources familiar with the matter, the hedge fund itself has yet to come forward with its own statement.

According to an interview with Li's husband in the piece, she is cooperating with all of the relevant authorities and is not yet implicated herself. An updated Reuters report says that Chinese police are investigating rumors about the local stock market. Man Group spokespeople declined to comment for both pieces, and requests made later in the day by Opalesque asking for an update went unanswered.

Chinese authorities are actively investigating all facets of market activity in order to find out the reasons for recent volatility there that spread to global markets last week. A local financial reporter was also forced onto state television in order to "confess" to spreading false information aimed at causing volatility. The moves highlight the uniquely statist approach China is taking to regulate its new investment platforms. Those efforts cou......................

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