SFC freezes fund manager's assets

Charles Schmitt & Associates is suspected of defrauding clients of its fund of hedge funds.

Hong Kong's Securities and Futures Commission has frozen the assets of locally based Charles Schmitt Associates, an investment advisor and fund manager. The SFC suspects the firm of misappropriating client assets invested in a fund on which the firm's managing director, Charles Schmitt, advised - namely a fund of hedge funds called the CSA Absolute Return Fund, also managed by Schmitt.

CSA manages $200 million. Founded in Hong Kong in 1992, it claims a track record...

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