The Financial Conduct Authority (FCA) has fined a former investment analyst at Aviva Investors £139,000 and banned him from working in the financial services industry for failing to act with honesty and integrity.
Mothahir Miah had authority to trade on behalf of hedge and long-only funds, and between January 2010 and October 2012 he exploited weaknesses in the trading systems and controls at Aviva Investors in order to delay the booking and allocation of trades, the FCA found. This meant Miah was able to assess the performance of a trade during the day and allocate trades which had benefitted from favourable price movements to hedge funds that paid performance fees. Trades that had not benefitedwere allocated to certain long-only funds that paid lower or no performance fees. The FCA said th...
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