Fidelity Management’s George Stairs was accused by Hong Kong’s financial secretary of insider trading involving shares of Chaoda Modern Agriculture (Holdings) Ltd., a Chinese vegetable and fruit supplier, Bloomberg reported.The financial secretary claims that the chairman of Chaoda, Kwok Ho, and the company’s CFO, Andy Chan, tipped Stairs about a June 2009 shares placement three days before it was announced publicly, the report said.
Stairs has been accused of using that information to trade profitably, Bloomberg reported citing a September 28 notice.
Ho and Chan have also been charged with supplying the insider information.
Another market misconduct tribunal hearing is scheduled for January 30.
Fidelity is defending its portfolio manager saying he “did not violate any laws or regulations,” Dow Jones reported.
Stairs has been with Fidelity since 2005. He manages Fidelity International Value Fund and Fidelity Advisor International Value Fund. He also co-manages the Total International Equity Fund and Advisor Total International Equity Fund.
Prior to Fidelity, he worked for 11 years at Putnam Investments in Boston serving as the firm’s senior equity portfolio manager with responsibility for portfolios in the developed markets in the Asia-Pacific region.
He graduated from McGill University with a bachelor’s degree in electrical engineering in 1972. He completed a master of science degree in management from the Sloan School of Management at MIT in 1985.
He began his career in finance in 1986. He’s also a Chartered Financial Analyst charterholder.