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Concord Management investigated over Roman Abromovich’s hedge fund investments

Advisory firm Concord Management is being investigated by US federal authorities over hedge fund investments it oversaw on behalf of Russian billionaire and former Chelsea FC owner Roman Abromovich, according to a report by the New York Times.

Advisory firm Concord Management is being investigated by US federal authorities over hedge fund investments it oversaw on behalf of Russian billionaire and former Chelsea FC owner Roman Abromovich, according to a report by the New York Times.

The investigation by the US Securities and Exchange Commission (SEC) and the Federal Bureau of Investigations (FBI) is looking into how Abromovich’s associates used a number of offshore shell companies to invest around $8 billion in dozens of US hedge and private equity funds over the past 20 years.

The report says that investigators are also examining the flow of money from more than a dozen shell companies based in havens like the British Virgin Islands and the Isle of Jersey.  

Concord, which was created in 1999, and is led by its founder, Michael Matlin, was involved in picking potential hedge fund and private equity investments for offshore entities linked to Abramovich. 

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