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Li Yifei has led Man Group in China since November, 2011, according to her profile on LinkedIn. Photo: ImagineChina

China head of hedge fund Man Group, Li Yifei, said to assist police investigation into market volatility

Her involvement, which doesn't mean she has been suspected of anything, comes as Beijing clamps down on speculators

Authorities took Li Yifei, chairwoman of Man Group 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 has done anything wrong. She has led Man Group in China since November, 2011, according to her profile on LinkedIn. The person asked not to be identified because the investigation isn’t public.

A call to the Ministry of Public Security rang unanswered Monday. Rosanna Konarzewski, head of communications for Man Group, declined to comment. Li’s mobile phone was turned off.

Authorities have imposed limits on wagering against stocks, known as short selling, amid a rout in equity markets. The campaign against market manipulation has snared senior executives at China’s largest brokerage as well as a journalist at business magazine Caijing.

A resident of Beijing, Li was previously a managing director at the China unit of hedge fund GLG Partners, according to a biography posted on the Rockefeller Foundation’s website, where she is a trustee. GLG Group was merged into Man Group in 2010. Before that, Li was managing director of MTV Networks in China, and also worked as chief representative at Viacom’s China arm, according to her LinkedIn profile.

For four consecutive years she was one of Fortune’s “50 Most Powerful Women”. Li has also been a national champion in Chinese martial arts, according to the Rockefeller Foundation biography.

Man Group is the world’s largest publicly traded hedge fund and managed US$78.8 billion as of June 30, according to an earnings report in July. The Asia-Pacific region accounted for almost a fifth of Man Group’s funds under management and sales in the first half of the year, according to the report.

In an interview with Bloomberg Television’s Stephen Engle in November, Li said investors and regulators on the mainland were beginning to understand hedge funds.

“The Chinese investors and regulators are beginning to understand that actually hedge fund is about hedging,” Li said at the time. “It’s hedging against the risk. And we’re trying to provide products that are actually less risky with less volatility and stable return.”

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