US authorities’ hedge fund probe

New York: US authorities are probing individuals close to NIR Group on whether the US hedge fund firm paid kickbacks to outsiders to inflate the value of its holdings, according to a report in the Wall Street Journal.

The US authorities have been investigating the company since last year on whether senior manager Corey Ribotsky defrauded investors about their returns and the holdings of his funds.

Mr Ribotsky managed more than $780m in hedge fund assets last year.