Tiger Asia Management, a New York-based long/short equity hedge fund run by "Tiger Cub" Bill Hwang, will return outside money to investors by the end of this month after a three-year probe by Hong Kong regulators, Bloomberg News' Katherine Burton reports citing a letter.
Bloomberg reports that Hong Kong's Securities and Futures Commission alleges that Tiger Asia Management, which does not actually have employees in Hong Kong, traded on inside information about share placements for China Construction Bank Corp. and Bank of China Ltd. in 2008 and 2009.
Tiger Asia denied those allegations.
Following the Hong Kong securities regulator's allegations, the Securities and Exchange Commission subpoenaed Tiger Asia in 2010.
Hwang founded Tiger Asia in 2001 after working for Julian Robertson's Tiger Management, which seeded his hedge fund. He previously worked at Peregrine Securities and Hyundai Securities.
During a volatile 2011, Tiger Asia was one of the best performing hedge funds in the world with a total return was 8.6%, according to Bloomberg Markets magazine.
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