LONDON (Reuters) – The Financial Services Authority said on Tuesday it had fined hedge fund manager GLG Partners and a former managing director of the firm, Philippe Jabre, 750,000 pounds each for market abuse.
It is the first time the FSA has officially spelled out the size of the fine on GLG, although the sum has been reported in parts of the media for months. The fine on Jabre is also the largest ever imposed on an individual.
The FSA said Jabre had used confidential information about a convertible bond sale in February 2003 for Japan’s Sumitomo Mitsui Financial Group.
The fines come at a time when the FSA, along with other national regulators, has been stepping up scrutiny of the $1.5 trillion (800 billion pound) hedge fund industry for potential market abuse.
