Tuesday, 23 September 2014
Last updated 2 hours ago
Oct 28 2010 | 4:16am ET
Tiger Asia Management’s legal troubles have come home to roost: The New York-based firm, accused by Hong Kong regulators of insider-trading, has been hit with a subpoena from the U.S. Securities and Exchange Commission.
Tiger Asia told investors in an Oct. 12 letter that it assumes the SEC demand stems from the Hong Kong probe. The Hong Kong Securities and Futures Commission has gone to court twice over the hedge fund’s alleged insider-trading of Chinese bank shares, first seeking an asset freeze last August and then in April asking a court to bar the firm from trading in Hong Kong—the first time the regulator has sought such a drastic step.
According to the SFC, Tiger Asia made illegal trades in both Bank of China and China Construction Bank Corp. shares. In the former case, the hedge fund allegedly made the trades after being invited to participate in two placements of the bank’s shares in late 2008 and early 2009. Tiger Asia is accused of earning HK$8.6 million on its first insider-trade and losing HK$10 million on the second.
Tiger Asia has denied any wrongdoing and is continuing to challenge the SFC’s legal maneuvers. It said it is cooperating with the SEC.
The US$3 billion hedge fund said that its trading in Hong Kong had not yet been affected by the SFC actions.
Tiger Asia also took the opportunity to tell investors that it was easing its liquidity terms, offering quarterly withdrawals beginning on Jan. 1.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.