Tuesday, 21 October 2014
Last updated 6 min ago
Jan 13 2014 | 9:41am ET
Sloane Robinson co-founder Hugh Sloane is suing his former tax advisers over a deduction that wasn't.
Sloane, who stepped down as CEO of his hedge fund in 2012, invested £2.4 million in a film investment company run by investment bank Zeus Capital in 2008. By the end of the year, it was a total loss.
Still, the news was not all bad for Sloane, since, according to his lawsuit, Saffery Champness had told him that losses on the venture would qualify for tax relief. But when he sought to claim that relief, Britain's Revenue and Customs would have none of it—and opened investigations both into the "Zeus Scheme" and into Sloane's tax return.
According to Sloane, Saffery partner Gilbert Holbourn had ignored a warning from another partner at the firm that the Zeus deal was "frankly suspicious," and failed to disclose that it received a £123,264 commission from Zeus.
Sloane's lawsuit called Saffery's actions "astonishing and repugnant." He is seeking £2.5 million for breach of fiduciary duty and negligent misrepresentation.
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...