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HK Regulator Defers Myriad Launch

Hong Kong’s Securities and Futures Commission is postponing the launch of hedge fund Myriad by Carl Huttenlocher, the former Asia investment head of Highbridge Capital Management.

Hong Kong’s Securities and Futures Commission (SFC) is postponing the launch of hedge fund Myriad by Carl Huttenlocher, the former Asia investment head of Highbridge Capital Management, The Wall Street Journal reports. The SFC is investigating allegations that Huttenlocher, who left Highbridge earlier this year, or others working for his fund improperly valued illiquid assets among other actions during the financial crisis and its aftermath.

The SFC is reviewing if the valuations of Huttenlocher’s fund, the timing of its asset sales and payouts to withdrawing investors, unfairly benefited ongoing investors. Huttenlocher’s hedge fund was likely to start trading with about $300 million initially and raise above $1 billion by early next year after opening to external investors, adds Reuters.

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