Swiss Asset Manager Fined Over Hedge Fund Fee Disclosures
Law360, London (January 30, 2020, 4:41 PM GMT) -- Swiss asset manager GAM said Thursday that it will pay the country’s stock markets watchdog approximately $515,000 after a tribunal ruled that it had failed to disclose a $36 million liability connected to the buyout of a hedge fund.
Six Exchange Regulation AG, a commission on sanctions for Switzerland’s listing authority, said it had upheld the initial decision to fine GAM Holding AG 400,000 Swiss francs ($411,000) over the accounting error. The asset manager will also pay the authority’s legal fees.
The listings authority accused Gam of failing to disclose a potential payout to former employees of a British hedge fund, Cantab...
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