FCA fines hedge fund £900,000 for not disclosing short selling

A Hong Kong hedge fund that built up a large short position in the North Sea energy group Premier Oil has been fined more than £870,000 by the UK regulator for hundreds of disclosure failures over more than two years.

Between February 2017 and July 2019, Asia Research and Capital Management — a $3.7bn hedge fund founded in 2011 by Alp Ercil — built a short position equivalent to 16.85 per cent of the issued share capital in Premier Oil...