According to Reuters Investors are pushing some of the
world's biggest hedge funds to show that their traders played no part in the
interest rate rigging scandal plaguing major banks. These hedge funds have responded with in-depth
internal probes which they hope will assure investors that they did not collude
with the banks, are completely clean and will not become embroiled in the
affair, people familiar with the funds said.
Regulators across the globe are investigating whether banks
tried to rig the London interbank offered rate, a benchmark used to set the
price of trillions of dollars of financial products. None has publicly confirmed they are looking
into the activity of hedge funds or alleged any wrongdoing by them. However, some investors are so concerned
about the reputational damage and the difficult questions their own clients
would pose if hedge funds they had invested in were to be implicated that they
are demanding the managers show they have a clean record….
Need to now more? Check out http://in.reuters.com/article/2012/07/27/uk-banking-libor-hedgefunds-idINLNE86Q00220120727
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