‘Mr Hedge Fund’ blasts watch­dog

The Sunday Telegraph - Money & Business - - Business - By Lucy Bur­ton

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.

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