Saturday, 28 November 2015
Last updated 7 hours ago
Jul 28 2014 | 11:43am ET
A small Japanese hedge fund is taking on a big foe in its fight to be cleared of four-year-old insider-trading charges.
Stats Investment Management is challenging a potential fine from the Japanese Financial Services Agency over alleged insider-trading by a fund manager at the firm. A battle with financial regulators is rare in the country.
Japan’s Securities and Exchange Surveillance Commission ruled that the Stats manager sold shares of Inpex Corp. on a tip from a Nomura Securities salesman. But that salesman, who previously admitted to passing on the information, now says he does “not really remember” passing the information to the trader. Stats adds that it sold its Inpex shares two days before the SESC alleges the portfolio manager learned of the tip.
Stats, which has US$300 million in assets under management, has vowed to sue the FSA if it levies a fine on the SESC’s recommendation.
“We will fight to the end,” Stats CEO Shogo Sekimura told Reuters.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…