New York (HedgeCo.Net) – An unidentified employee in hedge fund giant Man Group’s GLG division was arrested on suspicion of insider trading. The UK Financial Services Authority (FSA) announced the arrest of three fund management employees in London.
“The investigation concerned the employee’s actions as a private individual, and not as an employee, and that neither Man nor GLG was the subject of investigation.” Man said. It added the employee had been suspended and it was cooperating fully with the FSA. Reuters reports.
“Business conditions remain very tough, particularly with regard to (client) flows,” the new chief executive Manny Roman said in an in an interview with Reuters.
Man Group also announced in its annual report that it plans to cap future cash bonuses for its senior executives. Man’s shares have fallen by two-thirds since the start of 2011.
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