FCA Fines Hedge Fund £41M Over 'Conflict Of Interest'

By Martin Croucher (December 22, 2021, 12:48 PM GMT) -- The Financial Conduct Authority said on Wednesday that it will seek to fine hedge fund BlueCrest Capital Management almost £41 million ($54.6 million) for failing to take steps to prevent what it says was a conflict of interest.

BlueCrest should also pay an amount — which the FCA did not specify —— in redress to investors in an allegedly poorly managed external fund, the watchdog said.

The FCA set out the penalty in a so-called decision note. The company could not be reached for comment, but the FCA said that BlueCrest Capital Management UK LLP had appealed the fine and compensation order...

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