Turiya Advisors Coo Jeffery Levy Comes Under Investigation With Hong Kong Securities And Futures Commission Reports AFRN

June 01, 2018 | June 2018 Bond Updates

Jeffrey Levy Turiya Partners.

(1888PressRelease) Rumors are swirling around the departure of Turiya partners COO Jeffrey Levy, coming amongst a raft of management departures from the troubled fund it was originally thought that Levy was part of a team move to a new venture.

Well placed sources however say that Levy fell foul of founder Davide Erro due in part to his ‘extra curricular’ activities but predominantly to certain unspecified operational irregularities that apparently are a direct cause of the issues the fund is now facing. His reported unpopularity within the team also seems to preclude his involvement in any coordinated departure.

With the company at this present time denying to issue a release on the matter regarding ‘Jeffrey Levy’ departure and rumored to have executed a Ponzi scheme with hundreds of investors calling to the authorities warranting an investigation by the Hong Kong Securities And Futures Commission.

Gandhara Advisors Asia Limited doing business as Turiya Advisors Asia is a privately owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles which is based in Central, Hong Kong.

Despite the lack of consensus on the definition of a small hedge fund, there is no shortage of debate on the topic of comparative performance small versus large.

It is not at least according to Bloomberg’s 100 Top Performing Large Hedge Funds. Turiya, at $3 billion in AUM, would nestle comfortably in this nest of over-achievers. However, Turiya is conspicuously absent from the list even though it is larger than two-thirds of the funds that comprise Bloomberg’s top 100 “large” hedge funds and not by reason of performance! Only six of the one hundred funds on the list boasted returns exceeding 20%. This begs the question: Why wasn’t Turiya on Bloomberg’s list?

In fairness, Davide Erro did not define Turiya as small or large. Rather, he implied that it was larger than he wanted it to be, hence the return of capital to his investors.

By voluntarily shrinking assets under management, Erro created the illusion of being a small hedge fund. But why would a CIO do this? Because institutional investors have a decided preference for smaller hedge funds with a track record of robust returns.

SOURCE ASIA RESEARCH FINANCIAL NEWS (AFRN)

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