Infinity Q Capital to liquidate hedge fund due to mispricing
Infinity Q Capital to liquidate hedge fund due to mispricing
The New York Stock Exchange reflected in a window of Federal Hall.
The liquidation of a hedge fund run by troubled manager Infinity Q Capital Management LLC could impact some asset owners because of potential losses from the same mispricing suffered in the firm s mutual fund, said investment consultants who asked not to be named.
The New York-based manager has already liquidated a mutual fund tainted by mispricing of swaps by the firm s CIO but has not publicly disclosed the planned liquidation of its $760 million hedge fund, Infinity Q Volatility Alpha Fund, which the consultants said was also subject to inaccurate valuations.
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As news broke Monday that investment firm Infinity Q Capital Management was gating and liquidating a fund portfolio, its chief investment officer James Velissaris seemed to disappear from the internet.
His LinkedIn profile is now defunct. The Infinity Q website, which now only includes a statement about the situation, said Tuesday that it was undergoing maintenance.
But Velissaris couldn’t vanish from the internet altogether. News articles, his own research, and a defunct version of Infinity Q’s website paint a picture of what led up to his time at the firm.
Late last week, the Securities and Exchange Commission told Infinity Q’s non-executive chairman that it had found evidence that Velissaris had been altering the third-party valuation models for its $1.8 billion Diversified Alpha Fund. The firm said it had independently confirmed this but had not assessed the impact of those changes.
Months Before SEC Investigation, Infinity Q s CIO Touted Strong Performance institutionalinvestor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from institutionalinvestor.com Daily Mail and Mail on Sunday newspapers.
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