{"id":39577,"date":"2013-12-13T07:25:23","date_gmt":"2013-12-13T12:25:23","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=39577"},"modified":"2013-12-13T10:09:50","modified_gmt":"2013-12-13T15:09:50","slug":"man-groups-hedge-fund-to-pay-9-million-in-overvaluation-case","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/12\/2013\/man-groups-hedge-fund-to-pay-9-million-in-overvaluation-case.html","title":{"rendered":"Man Hedge Fund to Pay $9 Million In Overvaluation Case"},"content":{"rendered":"

\"man<\/a>New York (HedgeCo.Net) – One of Man Group’s hedge funds, GLG\u00a0Partners L.P., and its former holding company GLG Partners Inc. agreed to pay nearly $9 million to settle SEC charges over internal failures that led to the overvaluation of fund assets and inflated fee revenue.<\/p>\n

“From November 2008 to November 2010, GLG\u2019s internal control failures caused the overvaluation of GLG Emerging Markets Special Assets 1 Fund\u2019s 25 percent private equity stake in an emerging market coal mining company.\u00a0 The overvaluation resulted in inflated fees to the GLG firms and the overstatement of assets under management in the holding company\u2019s filings with the SEC,” the regulator said.<\/p>\n

\u201cInvestors depend upon fund advisers to have proper controls in place to ensure that valuations and fees are not inflated,\u201d said Antonia Chion, an associate director in the SEC\u2019s Division of Enforcement. \u00a0\u201cGLG\u2019s pricing committee did not have the information and time it needed to properly value assets.\u201d<\/p>\n

GLG Partners was acquired by Man Group in 2010.\u00a0An analyst at GLG was arrested<\/a>\u00a0in\u00a0London\u00a0on suspicion of\u00a0insider trading earlier this year.<\/p>\n

Alex Akesson
\nEditor for\u00a0HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a>\u00a0is a premier\u00a0hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.Net) – One of Man Group’s hedge funds, GLG\u00a0Partners L.P., and its former holding company GLG Partners Inc. agreed to pay nearly $9 million to settle SEC charges over internal failures that led to the overvaluation of fund […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,3],"tags":[],"class_list":["post-39577","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-regulation","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=39577"}],"version-history":[{"count":5,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39577\/revisions"}],"predecessor-version":[{"id":39600,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39577\/revisions\/39600"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=39577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=39577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=39577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}