Chinese police have co-operated with authorities in an unnamed foreign country to arrest a $5bn hedge fund manager who fled China after defaulting on bank loans and promised payouts to investors.
China’s securities regulator ruled in late July that Zhu Yidong, chairman of Shanghai-based FX Group — which once managed Rmb35bn ($5.1bn) in assets through four fund management companies that issued 158 hedge fund and private equity products — had committed market manipulation and banned him from the securities industry for three years.
FX Group was the most high-profile case among a broader wave of private equity and hedge funds that have collapsed this year amid a stock market rout and regulatory crackdown on non-bank financial institutions.
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