Wednesday, 27 July 2016
Last updated 16 hours ago
Dec 9 2010 | 1:59am ET
He may be best known for the lurid accusations leveled at him by a former employee, but hedge fund manager Ping Jiang is doing quite a job making a name for himself in his chosen field.
The former SAC Capital Advisors money manager's Ping Capital Management is on its way to its second-straight triple-digit year. The New York-based fund is up 103.45% through October, AR magazine reports. The fund began the year with a 4.96% drop after soaring 192.81% in 2009.
Certainly, Ping Capital did not begin life under auspicious circumstances. It debuted in June 2008 and promptly lost 34.26% over its first seven months. The launch came several months after former SAC trader Andrew Tong accused Jiang of sexually abusing him, as well as of market-manipulation, in a lawsuit that was eventually dismissed. Jiang and SAC denied all of Tong's explosive claims, which included allegations that Jiang forced him to cross-dress and take estrogen pills, and that Jiang made "violent sexual advances" towards him.
Ping Capital currently manages about $155 million.