Jardine unit broker fined $650,000

Matheson Investment and one of its fund managers have been fined and ordered to pay costs and compensation totalling GBP51,124 (about HK$656,400) by the Securities and Futures Authority (SFA), Britain's financial services watchdog. The London firm - part of the Jardine Matheson Holdings group - was found guilty of having inadequate supervisory and compliance procedures. The SFA said it failed to adequately monitor fund manager Thomas Arthur, who used 'an unsuitable investment strategy when managing discretionary clients' portfolios'.