High-Flyer Quant, a China based hedge fund, has suspended its co-founder Xu Jin from work due to his "improper handling of a family matter", according to a report by Reuters.
According to the report, High-Flyer Quant owns two asset management units overseeing combined assets of more than 40 billion yuan ($5.47bn) currently.
Citing the company’s statements on WeChat, the report said that the fund did not specify what Xu had done, only that it "caused negative public opinion and had a negative impact on company reputation".
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