Shares in Man Group PLC fell 6.2% early Tuesday after a report that the head of the hedge fund’s Chinese unit has been detained by police to help with an investigation into market volatility. Chinese authorities have taken Li Yifei, chairwoman of the Man Group unit, into custody, Bloomberg reported late Monday, citing a person familiar with the matter. But Li’s husband, Wang Chaoyong, denied she was in detention, saying she was in a confidential meeting with Chinese officials also attended by other foreign financial institutions, the Financial Times reported. Chinese authorities have voiced suspicions that market manipulation may be behind the volatility that has hit local stocks in recent months. Shares in Shanghai closed 1.2% lower on Tuesday, after marking their worst monthly performance in three years in August.
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From:: Stock Market News