Hong Kong Hedge Fund Shuts After Discovering 'Irregularities'
A once-blistering Hong Kong hedge fund has suspended operations after detecting unspecified "irregularities," according to a letter to its shareholders.
The CSA Absolute Return Fund, a $200 million "fund of funds" managed by Hong Kong-based Charles Schmitt & Associates, told shareholders that it was halting operations after consulting with local securities authorities.
CFO Jennifer Carver and managing director Brian MacDougall "came across some internal documents that led us to suspect irregularities in the CSA Absolute Return Fund, managed by Charles Schmitt. Based on our suspicions we approached the HK Securities and Futures Commission for guidance. Following further investigations the SFC has taken steps to halt CSA's dealings and secure fund assets," according to the letter. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,478.61 | 1,107.41 | 2,192.29 | 35.40 |
Oil *
71.80
|
|
UP
72.78
|
UP
5.06
|
UP
1.43
|
UP
0.58
|
10 Yr
3.54%
SPDR Gold
109.37
|
|
+0.70%
|
+0.46%
|
+0.07%
|
+1.67%
|
Data delayed 20 minutes |
Connect with TheStreet