Martin Currie China Manager Out, Plans Return In Nov.

Aug 1 2011 | 1:26pm ET

Martin Currie has cut ties with top Asia hedge fund manager Chris Ruffle after determining that Ruffle had a conflict of interest.

Ruffle was removed from the management of Martin Currie's China Fund on Friday. The move was made following a November investment in Chinese printer cartridge maker Ugent Holdings. Martin Currie invests in Ugent's parent corporation.

"In light of recommendations made in those reviews, and following extensive dialogue with Chris Ruffle and with our regulators, Martin Currie has concluded that it must now part was with Chris Ruffle and consequently Mr. Ruffle will cease to perform a client portfolio management function for Martin Currie," CEO Willie Watt said in a statement.

Ruffle's co-manager, Ke Shifeng, will take over sole management of the fund—for now. Ruffle will not be on the shelf for long; he and Ke's Heartland Capital Management, which set up a China joint venture with Martin Currie five years ago, plans to buy out Martin Currie's interest in that venture in a deal expected to close in November.

Ruffle, who denies any wrongdoing, told Bloomberg News that he's working on the trading, legal and compliance systems of Heartland so that the firm will be "a fully-functioning, SEC-licensed fund management company" able to begin managing money for clients in November. Ke and the joint venture's 12 analysts based in Shanghai will be part of Heartland, although Martin Currie will retain the fund and its holdings.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR