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Old Hill Partners, a $600 million hedge fund in posh Darien, Conn., flipped holdings between its corporate books and the personal accounts of its chief, a controversial move that could put the firm under the microscope of market regulators.
At leaset once, Old Hill’s general partner, John Howe, asked that securities be transferred from two accounts controlled by his fund into his personal account, according to documents obtained by The Post.
There was no indication in the documents obtained by The Post that Old Hill had received any compensation for the shares shifted to Howe’s accounts. A spokesman for Old Hill would not comment on the matter.
The 268,390 shares of a collateralized loan obligation – essentially a bond made up of a basket of loans to corporations – later skyrocketed in value.
By March 2005, the shares had climbed to about $55 each from the fund’s initial price of $34 in the previous November, traders said.
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