Yorkville Advisors LLC, a New York hedge-fund firm, reaped at least $10 million in excess fees after overvaluing assets it managed and exaggerating returns to hide losses, U.S. regulators said in a complaint.
Algorithmic traders and quant funds are under close scrutiny from a U.S. Securities and Exchange Commission enforcement team responsible for policing hedge funds, the unit’s co-chief said at securities law forum.
European Union leaders’ calls for banking union lack concrete proposals for funding a new joint financial-sector backstop, as showcased in the debate on whether the euro area’s firewall could provide direct aid to banks.
Weil, Gotshal & Manges LLP acted as legal adviser to Thomas H. Lee Partners LP, which agreed to buy a majority stake in Party City Corp. from its private-equity owners in a transaction valued at $2.69 billion.
Financial stocks subject to rules restricting short sales in France, Italy, Belgium and Spain have behaved about the same as banks in European countries with no such prohibitions, according to Instinet Inc.
A Miami-based hedge fund and two of its executives agreed to pay almost $3 million to resolve U.S. regulatory claims that they deceived investors about their own stake in the fund and failed to disclose conflicts of interest.
Axa SA , France’s biggest insurer, will pay $242 million to resolve claims in the first U.S. Securities and Exchange Commission case to target an error in a quantitative investment model for managing client assets.