Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:SEC Accuses Former Schroders Muni Bond Chief of Insider Trading Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, May 14, 2010

SEC Accuses Former Schroders Muni Bond Chief of Insider Trading

Reported by Daniel Tovrov

The Securities and Exchange Commission has begun proceedings against a former Schroder Investment Management portfolio manager. David Baldt who was head of municipal bonds and managed the Schroder Municipal Bond Fund and Schroder Short-Term Municipal Bond Fund between 2003 and 2008, allegedly engaged in insider trading in September and October 2008.

The SEC claims that Baldt tipped off family members to redeem their shares of the short-term fund, which "several members of Baldt’s family invested the bulk of their life savings in," the SEC administrative document said.

Because of the market conditions of September and October 2008, Schroder was fearful that it wouldn't meet redemption requests and told Baldt that unless significant cash was raised, the funds would be liquidated. At that point, Brandt told two family members to “go the full route” by selling their shares.

Starting on October 6, three family members began redeeming $50,000 of Short-Term Fund shares a day, the maximum allowed.

Baldt resigned as the funds' portfolio manager on October 14, but stayed at Schroders as a consultant until May 2009. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
40 Wall Street | 28th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use