Wednesday, 1 October 2014
Last updated 13 hours ago
Mar 18 2009 | 3:17am ET
A hedge fund manager has been accused of inventing a billion-dollar client in a bid to attract new investors.
Leila Jenkins of Locke Capital Management allegedly told investors she managed $1.2 billion; during a Securities and Exchange Commission examination of the firm last year, she told the regulator that most of the money came from a Swiss client who had contacted her via the free e-mail service Hotmail.
According to the SEC complaint, filed in Rhode Island federal court last week, the Swiss client never existed. It said Jenkins made the client up to falsely boost the assets she reported to potential clients, including institutional investors with minimum assets under management requirements.
“This brazen web of lies to investors constituted a serious breach of fiduciary duty,” David Bergers of the SEC’s Boston office said. The complaint alleges that Jenkin’s lies go back as far as 2003, and successfully attracted a pair of European banks as investors last year.
Locke Capital has vowed to fight the allegations.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...