Friday, 28 November 2014
Last updated 1 hour ago
Apr 23 2013 | 12:40pm ET
A former hedge fund manager has settled allegations that he lied about his firm's assets under management to win an investment from the U.S.'s largest public pension fund.
Mesh Tandon, who led the now-defunct Simran Capital Management, agreed to pay $100,000 and to be barred from the securities industry, the Securities and Exchange Commission said. He did not admit or deny wrongdoing.
According to the SEC, Tandon told the California Public Employees' Retirement System that Simran met the pension's minimum asset level of $200 million while seeking a high-yield fixed-income mandate in 2008. The firm actually managed only $80 million at the time.
The alleged ploy worked: CalPERS hired Simran, and Tandon used his firm's links with the pension to lure other clients. But he did not stop inflating his firm's assets, the SEC said, lying to prospective clients more than a dozen times, and to the SEC at least four times. The regulator said Tandon also sought to mislead it during a routine examination.
Simran closed its doors last year; CalPERS said it had ended its relationship with the hedge fund several years ago.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...