Monday, 20 April 2015
Last updated 7 hours ago
Feb 24 2010 | 2:26am ET
The former SAC Capital Advisors hedge fund manager at the center of a salacious sexual harassment scandal stumbled in January. But investors in Ping Capital Management aren’t likely to be too upset.
The New York-based firm’s Exceptional Value Fund soared 192.81% last year, with double-digit returns in each of the last five months of 2009. The $60 million fund, a Latin American- and Asian-focused macro strategy dropped 34.26% in seven months of trading in 2008, and opened 2010 with a 4.96% decline, according to a letter to marketing materials obtained by Dealbreaker.com.
Ping Capital was founded in 2008 by Ping Jiang, a month after he left SAC Capital amidst explosive allegations leveled by a former trader, Andrew Tong. Tong accused Jiang of ordering him to take estrogen pills and cross-dress to curb his aggressive tendencies. According to Tong, he and Jiang had a sexually relationship, including “violent sexual advances” on the part of his boss.
“Mr. Jiang committed assault and battery, as well as false imprisonment, upon Mr. Tong by restraining him with ropes and forcibly introducing certain foreign objects into Mr. Tong’s rectum,” Tong’s lawyer alleged.
Both SAC and Jiang have angrily denied the allegations. Tong was awarded no payment in his arbitration case against SAC, and the Equal Employment Opportunity Commission ended its probe in April 2008 without sanctioning Jiang.
Buoyed by the success of its first fund, Jiang is now fundraising for a second vehicle to be launched before the end of June. While the Exception fund focuses on Asia and Latin America, the new Ping Emerging Markets Macro Fund will focus on short-term trading. Both funds will use the same research process.
According to the letter, Jiang is currently in New York—he divides his time between New York and Shanghai—meeting with potential investors for both funds.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…