Times Online – GLG Partners will appeal against the second fine imposed by regulators this year over market abuse in relation to the use of confidential information before convertible bond sales.
GLG, one of Europe’s largest hedge funds with $17 billion (£8.5 billion) under management, faces a €1.2 million (£810,000) fine by the French authorities over its role in a 2002 bond issue by Alcatel. Deutsche Bank faces a €300,000 fine.
Details of the fines emerged yesterday after a lengthy investigation by France’s Autorité des Marchés Financiers into the handling of confidential information before the formal launch of the bond sale.
The AMF is also investigating GLG and Deutsche Bank in relation to a 2002 bond sale by Vivendi.
