It emerged this week that Managing Director of Towry Law International, Bill Tatham has resigned his position amid a scandal involving two hedge funds promoted by the UK-based firm.
According to a South China Morning Post report, Towry is facing possible legal action from investors in the Global Opportunities Trading and Global Diversified Trading funds, after it was revealed that the Hong Kong-based hedge funds had lost nearly all of their money.
Speaking to International Money Marketing in September 2003, Mr Tatham announced that the firm was being restructured in the wake of the collapse of the funds, explaining that:
"Towry Law International will be rejecting more funds than it has done in the past and will favour products from larger asset managers rather than boutiques."
According to the SCMP, Towry Law has declined to comment in detail on the matter, which is currently being investigated by the Hong Kong Securities and Futures Commission.
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