‘Mr Hedge Fund’ blasts watchdog
A CITY investor known as “Mr Hedge Fund” has launched a startling attack on the UK’S audit watchdog after the regulator said it found no wrongdoing in the way it handled his complaint into fudged performance figures.
Multi-millionaire Alan Miller, who started one of Britain’s first hedge funds in 1997, and now runs wealth management company SCM Direct, has sent a scathing email to Sir Win Bischoff, the Financial Reporting Council’s chairman, and Stephen Haddrill, its chief executive, following a year-long battle.
Mr Miller has accused the regulator of making “intellectually bankrupt and morally indefensible” points that would not have been reached had his complaint been investigated by five or more specialists rather than one individual, according to messages seen by The
Sunday Telegraph. “I reserve my right to have this matter reviewed by a court of law,” he said.
Mr Miller has been campaigning with his wife Gina, the prominent anti-brexit campaigner, to force asset managers to be clearer on costs when reporting performance figures.
A bust-up between Schroders and a Numis analyst over the way the asset manager presented its figures triggered his complaint last year, resulting in an inquiry which closed in November.
Mr Miller disputed its findings and demanded a probe into how his complaint was handled. The FRC said he has been advised of his right to refer the matter to the watchdog’s Independent Complaints Reviewer.