Chinese authorities took Li Yifei, chairwoman of hedge fund Man Group Plc’s China unit, into custody to assist with a police probe into market volatility, according to a person familiar with the matter.
Li assisting with the investigation doesn’t mean she is facing charges or did anything wrong. She has led the China business of Man Group, the world’s largest publicly traded hedge fund, since November 2011, according to her profile on LinkedIn. The person asked not to be identified because the probe isn’t public.
Li’s mobile phone was turned off when called on Monday. Chaoyong Wang, Li’s husband, said in a telephone interview that she is in a meeting with “relevant industry authorities” and he doesn’t know who they are. He said he spoke to her by telephone yesterday and today, expects her back home soon but does not know when.
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