Monthly Archives: November 2003
US billionaire enters battle for control of Man U
THE BATTLE for control of Manchester United looks set to go to a shootout as US billionaire Malcolm Glazer issued a direct challenge to the club’s biggest shareholders, horseracing tycoons JohnMagnier and JP McManus. The market in United shares was […]
Venture Capital May Lure Pittsburgh Tech Firm PanGo to Boston
Nov. 27–Michael Campbell, the executive who last year took over struggling Downtown technology firm PanGo Networks, may move to Boston if he can close on a $4.3 million venture capital deal thatincludes $2 million from Boston-based IDG Ventures and $350,000 […]
Chronogen Inc. raises $17 million in Series B Financing Round
<body.content> <block> <p>MONTREAL, Nov. 26 /PRNewswire/ — Chronogen Inc., a drug discovery company developing therapeutics to treat highly prevalent age-dependent diseases, todayannounced an initial closing of $17 million (CAN) in an ongoing series B financing. This new round of financing […]
Federated Investors Provides Additional Information on Past Mutual Fund Trading Issues
<body.content> <block> <p>PITTSBURGH, Nov. 25 /PRNewswire-FirstCall/ — Today Federated Investors released the following letter from President and CEO J. ChristopherDonahue:</p> <p>On October 22, Federated Investors, Inc. <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NYSE” value=”FII”/></org> announced initial details regardingour internal review into mutual fund […]
Regulators Say Boston-Based Growth Fund Taken for More than $1 Million
Nov. 26–Boston-based MFS Investment Management’s Emerging Growth fund was one of six mutual funds each taken for more than $1 million in an illegal late-trading scheme involving former topexecutives of Security Trust Co. and a New Jersey hedge fund, government […]
Mahwah, N.J., Executive Surrenders in Fraud Case
Nov. 26–A Mahwah-based executive who boasted of business ties to a porn star surrendered Tuesday to FBI agents after being charged in a wide-ranging fraud investigation. Millennium Direct Inc.’s chief executive, George Balis, 56, was arraigned Tuesday in U.S. District […]
Federal Regulators Shut Down Phoenix-Based Security Trust in Trading Scandal
Nov. 26–Federal regulators yesterday carried out their first act of capital punishment as part of the widening mutual fund investigation, ordering the Security Trust Co. out of business. The tough action came as New York Attorney General Eliot Spitzer filed […]
Security Trust Co. to cease operation by March 31
Security Trust Co. will shut down — making it the first corporate casualty in the mutual fund trading scandal, a federal banking agency said Tuesday. The Office of the Comptroller of the Currency (OCC), which oversees national banks, said that […]
Two traders split pounds 50m as Man buys into BlueCrest
TWO FORMER JP Morgan traders who set up their own hedge fund in 2000 each pocketed pounds 25m yesterday when they sold a stake in their asset management business to Man Group, the FTSE 100 hedge fundmanager. Man is paying […]
Banking giant UBS sacks two as Spitzer spotlight shines on new targets
UBS, EUROPE’S largest investment bank, has sacked two financial advisers and disciplined nine others after an internal investigation found the bank had traded in shares against the interests of itsclients. The Swiss giant is the most high-profile financial institution on […]
Amvescap arm facing twin fines in US funds probe
FUND manager Amvescap has confirmed it is facing punishment in connection with the mutual fund scandal sweeping across the US, writes Patrick Hosking. London-listed Amvescap, best known in Britain for its Perpetual and Invesco brands, faces fines from the Securities […]
BlueCrest hedge fund pair in 105m deal with Man
TWO London dealers who quit JP Morgan three years ago to set up their own hedge fund business clinched a deal today which values their firm at 420 million, writes Patrick Hosking. Mike Platt and Bill Reeves have sold 25% […]