Friday, 31 October 2014
Last updated 7 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.
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 McKitish of Peddie School's 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…
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