MSN MoneyCentral – rance’s stock market regulator has imposed a heavier fine than expected on GLG Partners for the British hedge fund’s actions in relation to a 2002 bond issue by Alcatel, the Frenchtelecoms group.
According to people close to the situation, the Autorité des Marchés Financiers has fined GLG €1.2m over the actions of its former star trader Philippe Jabre.
However, the watchdog reduced the fine for Deutsche Bank, which underwrote the issue, from a recommended €1.5m – the maximum – to €300,000.
The fine will come as a blow to Mr Jabre, who began accepting money for his new Geneva-based hedge fund this month.
GLG said it would appeal against the decision but declined to comment further.
