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Alternative Market Briefing

Hong Kong market regulator suspends former executive of two hedge funds for conducting personal transactions with firm

Thursday, January 14, 2016

Komfie Manalo, Opalesque Asia:

Hong Kong’s market regulator, the Securities and Futures Commission (SFC) on Wednesday ordered the suspension of hedge fund executive Steven John Barrett for conducting personal transactions with a rival firm.

The order bars Barrett from re-entering the industry for 10 months from 13 January 2016 to 12 October 2016. The disciplinary action follows a SFC investigation which found that, from April 2010 to September 2013, Barrett concealed from his two former employers – Hong Kong-based hedge funds Black’s Link Capital Limited and Myriad Asset Management Limited – his personal securities transactions by conducting them through the personal securities account of his friend, Fabiano Hugues Joseph Mascolo, a licensed representative of rival firm BTIG Hong Kong Limited.

Barrett’s conduct circumvented the employee dealing policies of his employers and made it difficult for them to identify and monitor his personal trading activities to ensure there were no conflicts of interests or other malpractices arising from his personal trading activities.

The SFC considers Barrett’s conduct, which fell short of the standards required of him, calls into question his fitness and properness to be a licensed person. In deciding the penalty, the SFC has taken into account that Barrett’s concealment of his per......................

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