Wednesday, 27 August 2014
Last updated 3 hours ago
Mar 24 2009 | 2:00am ET
GLG Partners has been sued by an unidentified London businessman for allegedly failing to pay a promised commission.
According to the complaint, filed in a London court, the unnamed businessman introduced the hedge fund to Saudi sheikh that sought to invest as much as US$4 million in funds managed by GLG’s then-star trader, the Evening Standard reports. The lawsuit alleges that GLG director Paul Harvey offered the businessman a 2% commission if the sheikh invested.
He did, after meeting with GLG executives in 2006, but the suit claims the hedge fund has failed to pay the promised commission, despite receiving a formal invoice in June. The businessman also claims that Harvey asked him to put him in touch with other Middle Eastern investors.
The suit seeks US$80,000, including interest.
GLG said the allegations have “absolutely no basis.”
“GLG will vigorously contest this claim in court,” the hedge fund 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 ...