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September 15, 2003 at 08:00 PM
NEW YORK (HedgeWorld.com)– New York attorney general Eliot Spitzer’s office subpoenaed around a dozen additional hedge funds in the ongoing inquiry into the trading of mutual fund stocks.
Tewksbury Capital Management is among the firms required to provide information on after-hours and short-term trading of mutual fund shares–a special privilege allowed by mutual fund companies under quid pro quo arrangements that harmed long-term shareholders, according to the attorney general. Monroe Trout sold multi-billion dollar Tewksbury, formerly Trout Trading Management Co. Ltd., to chief executive Matthew Tewksbury last year.
Haidar Capital management, Goodwin Trading Corp., and Samaritan Asset Management also received subpoenas. None of these managers have been accused publicly of any wrongdoing. The attorney general’s office said that all information about the subpoenas is confidential at this time.
Said Haidar runs a long/short equity strategy that might have included mutual fund shares. One of his funds, Haidar Jupiter, has US$170 million in assets and returned more than 24% (annualized) since inception. Samaritan funds, managed by Edward Owens, contain around US$143 million in assets. Their five-year annualized returns range from 21% to 28%.
