The Australian – Companies and investment advisers should be wary of hedge funds trying to cultivate staff for inside information on takeover deals, the Australian Securities & Investments Commission warned yesterday.
Speaking at a press conference in Sydney at the ASIC summer school, deputy chairman Belinda Gibson said that during boom times hedge funds would seek to cultivate younger staff of law firms and advisers by going to the bars where they drank, hoping for inside information on deals they were working on.
