Man Group Unit GLG Settles With SEC Over Valuation Problem

The regulator says internal control failures led the firm to overvalue a private equity holding.

A unit of London hedge fund giant Man Group agreed to pay nearly $9 million to settle Securities and Exchange Commission charges that internal control failures caused the firm to inflate the value of an illiquid security, thus boosting its fees.

The regulator says these failures caused GLG Partners and its former holding company GLG Partners Inc.

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