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 benefited were allocated to certain long-only funds that paid lower or no performance fees. The FCA said t...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
