Fortune SG manager acquitted of insider trading
29 August 2014
Category: News, Asia, China, Global
By Hui Ching-hoo
China’s Fortune SG Fund Management said that its portfolio manager, Guo Pengfei, was acquitted of insider trading after the China Securities Regulatory Commission (CSRC) stepped up its efforts to crack down on misappropriation in the Mainland fund industry this year.
On June 28, Fortune SG was notified by the regulatory watchdog that it had launched a probe into the frontrunner trading of shares in Anhui Shengyun Machinery.
Mr. Guo, who oversees the Fortune SGAM Emerging Industries Securities Investment Fund, allegedly infringed the law on securities investment during the trading, and was subsequently suspended during the investigation.
Following a two-month inquiry, the Shanghai bureau of the CSRC declared that Fortune SG was not involved in any misconduct and Mr. Guo had been reinstated.
Fortune SGAM Emerging Industries Securities Investment Fund was one of the top performers among its peers, delivering an accumulated return of 21.57% up to the end of June.
Fortune SG Fund Management is the 29th largest asset manager in China, with total AUM of around 29 billion RMB (US$4.72 billion).