Monday, 22 December 2014
Last updated 23 min ago
Dec 13 2013 | 5:30pm ET
GLG Partners has agreed to pay US$9 million to settle claims that it inflated the value of a stock purchased by former star manager Greg Coffey.
According to the Securities and Exchange Commission, the London-based firm, part of the Man Group, overvalued a coal-mining stock, earning it $7.8 million in extra fees. The SEC did not identify the stock, but Bloomberg News reports it was Sibanthracite, one of the last names Coffey purchased before resigning from GLG in 2008. The holding wound up in an illiquid side-pocket GLG set up during the financial crisis.
"Investors depend upon fund advisers to have proper controls in place to ensure that valuations and fees are not inflated," the SEC's Antonia Chion said.
In addition to reimbursing investors the $7.8 million, GLG will pay a $750,000 fine.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.