FSA bans hedge fund manager and issues £35,000 fine

Loic Albert Antoine Montserret - a former portfolio manager at BlueCrest Capital Management Limited (BlueCrest) - was found to have deliberately mismarked his positions in an attempt to avoid losing his job over losses he was making on his trading book. This is the first time the FSA has both banned and fined an individual for mismarking trading positions. From November 2007 to May 2008, Montserret was responsible for managing $60m of the capital in the BlueCrest Multi Strategy Credit Fund. During April 2008, changing market conditions resulted in a significant fall in the value of Montse...