Risky Derivative Strategies + Disclosure Deficiencies = Adviser, Sub-Adviser in Hot Water

It was a classic recipe for disaster.Two portfolio managers implemented a plan to reap outsized returns for their closed-end fund investors by dabbling in derivatives. They pushed the envelope a little too far though – and unwittingly on the eve of the financial crisis.Their strategy, tragic as the outcome was for the fund, would have […]
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