Luxury Homes

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One of The World 's leading Fund management was forced to resign after the BBC discovered that he had broken the rules of investment.

Mark Denning helped to manage More Than $300bn (£229bn; €265bn) the money of the investors Capital Group .

Bbc One 's Panorama uncovered evidence that suggests that he is secretly the acquisition of shares for its own advantage in some of the same companies as his agents.

Lord Denning, who had worked at The Company for 36 years, denies any wrongdoing.

The 62-year-old Fund manager, left, wrote to his job Five Days after the panoramic Capital Group the results of their investigation.

Capital Group , which manages almost $ 2 trillion of assets, said Lord Denning was with The Company .

"We are investing to keep have a Code of Ethics and personal disclosure requirements, our employees to the highest standards of behavior. When we learned of this matter, we took action immediately", it said.

Fund Manager should not invest in the same companies as the Fund, because they could potentially profit at the expense of the investors.

This is because their size means that the Fund can drive up a company's share price, if you are investing in. The Fund manager could use this power to push up the price of the shares in The Company , where they have personal investments, instead of picking the companies that offer The Best returns for investors.

leaked documents

The Panorama investigation discovered that the shares were bought by Mr Denning instructions through a secret Fund, based in Liechtenstein.

It Morebath Fund Global Opportunities was.

leaked documents show that had invested Morebath Fund, a medical research company called Mesoblast, an Indian film company called Eros International and a gold-mining company by the name of Hummingbird resources.

Capital Group Fund invested in all three companies, and the investment in Mesoblast and Eros were helped by the Fund, Lord Denning himself, to manage.

In the case of Hummingbird Resources, Mr Denning, another potential conflict of interest seemed to be, since The Company was established and run by his son-in-law.

conflict of interest

An expert of the financial rules, told Panorama that the private purchases of Lord Denning could be a serious conflict of interest.

Michael Ruck, investigations, partner at law firm TLT, said: "The whole point behind the scheme, in relation to the Declaration of conflicts of interest is to protect investors.

"If it is the intention of the Fund manager to benefit financially, even then, not too serious doubts in relation to your actions. "

the shares in The three companies were finally held by an offshore company Kinrara trust called. It was Set Up and controlled by Lord Denning.

'Met requirements'

Mr Denning-lawyers do not deny that he trust the owner of the shares of the three companies, because, they say, he is a beneficiary of Kinrara.

"Our customer does not declare his interest at the Kinrara trust to his former employer, because he excluded irrevocably as a beneficiary. He believed that he fulfilled all of its relevant tasks. "

Lord Denning ' s lawyers say he received bad advice. They also say that the Morebath Fund independent asset manager and fund administrator.

But Panorama has seen evidence that Mr Denning was behind the purchase of shares in the three companies, and documents show the Morebath Fund on a regular basis. in a summary of his personal assets

Lord Denning, called the Liechtenstein Fund to The Village of Morebath in North Devon. He owns a nine-room house, Morebath Manor, and 21 acres of parkland in The Village .

- The Fund manager is also the owner of luxury real estate in Chelsea, and The Bahamas .

Controversial energy deal

Lord Denning used to work for the Capital Group in London, and has been approved by The City watchdog, the Financial Conduct Authority until 2018.

However, four of the funds he manages, is aimed at American investors, and which he had worked from The Company office in Los Angeles .

Panorama also discovered that the Kinrara had confidence Kinrara International - a company that benefited from a controversial energy deal in Senegal.

Kinrara International has $22m were sold to the exploration rights to a large gas field off the coast of Senegal, to BP.

experts have told Panorama that you believe, Lord Denning should also be explained, because the Capital Group had investments in BP and other companies involved in the offer for Kosmos energy called.

Lord Denning ' s lawyers say he has never been a legal or beneficial owner of Kinrara International.

Panorama trust, the billion-pound-investors? posted on Monday, 20. 30

morebath, investment management, personal investment

Source of news: bbc.com