Edinburgh-based Martin Currie has parted company with its top Asia fund manager, Chris Ruffle, following an investigation into a conflict of interePARA_BREAK_SENTINEL_9f8e7d6c

Edinburgh-based Martin Currie has parted company with its top Asia fund manager, Chris Ruffle, following an investigation into a conflict of interest. Ruffle co-managed the China Fund with Ke Shifeng who now takes over sole responsibility of portfolio management following Ruffle’s departure last Friday. The decision was based on an investment made in 2009 into Ugent, a Chinese printer cartridge maker, on behalf of the China Fund. Martin Carrie, however, invests client money in Ugent’s parent company. Speaking to Bloomberg via telephone Ruffle denied any wrongdoing, saying that both investments were “fully discussed within Martin Currie within valuation committees and reported to the board”.

In a statement, Willie Watt (pictured), Martin Currie’s CEO, said: “In light of recommendations made in those reviews, and following extensive dialogues with Chris Ruffle and with our regulators, Martin Currie has concluded that it must now part ways with Chris Ruffle.” Ruffle holds a 70 per cent stake in Heartland Capital Management Ltd., with Ke Shifeng the other shareholder. In November, Ruffle plans to buy out Martin Currie’s interest in a China joint venture between the two companies at which time Ke is expected to join him. Ruffle is now setting up trading, legal and compliance systems for Heartland. The aim, by November, is to be a “fully functioning, fully SEC-licensed fund management company to offer people who want to invest in China”, said Ruffle. Martin Currie will retain all its assets in Greater China, less USD150million according to Ruffle. The firm is currently recruiting two new fund managers and a head of research for the region.