Saturday, 30 August 2014
Last updated 1 day ago
Feb 1 2008 | 12:07pm ET
UBS’ hedge fund administration business has settled civil charges that it overlooked fraud at a hedge fund client.
UBS Fund Services will pay $19 million to settle a case brought by the court-appointed receiver for defunct hedge fund Philadelphia Alternative Asset Management, which collapsed in 2005.
The King of Prussia, Pa.-based firm’s president, Canadian Paul Eustace, was indicted in November on commodities fraud charges, relating to a scheme in which he allegedly defrauded investors of $200 million in a shell game designed to hide investment losses.
In settling, UBS Fund Services did not admit or deny the charges. The case had been scheduled to go to trial on Jan. 22.
In December, PAAM’s receiver struck a deal with the hedge fund’s former futures broker, MF Global, the former Man Financial, which spun off from Man Group last year. MF Global agreed to pay $75 million.
The two settlements, plus $75 million in recovered assets, have led to an “extraordinary” level of recovery for PAAM investors, the receiver said.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...