A new hedge fund firm led by a former Segantii Capital Management Ltd. portfolio manager said it won approval in principle from Hong Kong’s securities watchdog on Thursday, clearing a major regulatory hurdle.
The nod for Viridian Asset Management Ltd. provides a ray of light for dozens of Segantii employees who are now seeking alternative employment or even looking to start their own hedge funds after authorities began a criminal prosecution of Segantii, its founder Simon Sadler and a former trader for alleged insider trading ahead of a June 2017 block trade.