London Hedge Fund Founder Arrested in Spain and Charged With Market Manipulation
- Neil Phillips in custody in Spain at request of US prosecutors
- Another fund suspended staffers who once worked at Glen Point
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The arrest of Glen Point Capital co-founder Neil Phillips for alleged foreign-exchange market manipulation threatened to ripple across the hedge fund industry as another firm suspended staffers who previously worked with him.
Phillips, 52, was arrested in Spain on a request from the US earlier this week, federal prosecutors in New York said Thursday in a statement. Kirkoswald Asset Management put on leave several employees who used to work at London-based Glen Point and Balyasny Asset Management let go some former Glen Point staff who had joined the firm recently, according to people with knowledge of the matter.