China’s E Fund Management has fired portfolio manager in its fixed-income department, Ma Xide, for alleged illegal bond trading.
The move comes as regulators are stepping up scrutiny of the debt market.
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Xide was dismissed April 19 after disclosing to E Fund that he’d been tried for alleged misconduct, the fund management company, based in the southern city of Guangzhou, said in a statement dated April 21. Allegations against Xide were reported that same day on the The San Xiang Metropolitan newspaper in Hunan province, including the misappropriation of funds and illegal bond transactions.
Chinese regulators are, reportedly, investigating illegal fixed-income transactions in accounts typically used by senior traders at financial institutions, the Shanghai Securities News reported last week. The government has sent teams to inspect trading records at companies in Shanghai, Beijing and Jiangsu province, the newspaper reported, without citing anyone.
The China Securities Regulatory Commission said April 19 that fund companies are prohibited from holding bonds for others, the 21st Century Business Herald reported.
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