The client promises to fund this account either weekly or monthly to manage their debts.
With a given hedge fund client, we knew exactly what their style was and could match them with people on the other side of the trade.
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Mr. Klausner said after a pension-fund client of his firm requested more disclosure from Merrill, the company added reporting on all brokerage-related revenue to the client in quarterly reports.
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Historically, advisers to private funds have been able to avoid SEC registration under of an exemption that applies to advisers with fewer than 15 clients, which counted each fund as a client, as opposed to each investor in a fund.
Mutual fund portfolio managers personally profiting by front-running client orders and thereby diluting fund performance.
For SAC, the call is likely a move to stem any possible outflow of client money from the fund.
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Convincing the client to sell a fund that was down, and imposing a penalty, was harder, but was also regularly done.
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They alleged it was unfair to not disclose that another client, a hedge fund, had helped design the securities and bet they would fail.
Or my alma mater, Goldman Sachs letting a hedge fund maven client pick out the lousy mortgages to go short in a public offering.
One client told me they fund their health benefits package 100 percent to employees because they intentionally want to be ahead of the curve and alleviate any worry by an employee about affording one plan over another.
However, when these securities class action law firms pay lawyers who represent pensions hefty referral fees (which may or may not be disclosed to the fund-client) that DOES raise some very serious ethical and possibly legal issues.
When a financial adviser can recommend a proprietary fund to a client, a clear conflict of interest arises.
Regardless of what happens to the contributions, O'Mara intends to open a legal defense fund for his client, he said.
Later, hedge-fund managers told client representatives at Morgan Stanley that the bank had lost money by refusing to lend shares.
The quality of investment advice, whether provided directly to a client or indirectly through a fund, is very important both to the financial markets generally as well as to each individual who benefits or suffers as a result.
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"I would like to think that every client who's buying a fund is buying for the right reason, but that would be naive, " he says.
The institutions involved in the claim are understood to include 20 charities as well as churches, pension funds, hedge funds, fund managers and private client brokers.
He returned the client money he managed in his hedge fund in 2011.
On top of that, a fund counted as a single client, no matter how many billions of dollars it held.
The fund is also having its profile raised by Publicis, an advertising firm that has taken on the fund as a pro bono client.
Stamboulie had a client who was laid off from a hedge fund research post.
Significantly, past investment performance of the fund was not provided to the client.
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In another example Conway flew to Brazil to help Talaris, a British portfolio company that makes ATMs and other cash-handling equipment, become a client of Banco do Brasil, a Carlyle fund partner.
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In the past few months, Fidelity Brokerage Services LLC, the retail brokerage business for the fund-management giant that has more than 14 million client accounts, said more money has been flowing into stocks and mutual funds.
All that matters is that the specific fund they recommended, a balanced mutual fund for example, is an appropriate investment for that particular client.
By opposing disclosure of the risks to investors personal trading by portfolio managers poses, as well as disclosure of portfolio manager personal trading records and, when all else fails, invoking the attorney-client privilege to prevent investors from learning of illegal personal trading, the mutual fund industry has been able to maintain the illusion that such trading is rare and investors are not being harmed.
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Meanwhile, the client may not have enough insurance, proper estate planning documents, or an emergency fund.
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Citadel, the Chicago-based hedge fund, sold its sophisticated fund management system, Omnium, to Northern Trust in 2011 and became a client.
The reason I am so enthusiastic about the concept of the whistleblower claims-backed fund is that forensic investigations of investment abuses are almost always severely constrained by client demand.
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As for that UBS tipping case, 12 of the defendants have settled or pleaded guilty, including Mitchel Guttenberg, the former institutional client manager of UBS's research department who was accused of selling upcoming downgrade tips to hedge fund clients in a scheme hatched with a friend at New York's Oyster Bar.
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